Economist Peter Schiff Questions Bitcoin's Value, Points Out Central Banks Choose Gold Over Bitcoin

Economist Peter Schiff questioned the future value of Bitcoin on social media, pointing out that global central banks are increasing their gold reserves instead of buying Bitcoin. Schiff posed the question: "If Bitcoin is the future, why are central banks choosing gold over Bitcoin to replace the dollar?"

It is reported that central banks are currently purchasing over 1,000 tons of gold annually, which is double the average level of the past decade. Bank of America strategist Michael Widmer stated that emerging market central banks currently hold only 10% of their reserves in gold, but should aim to increase this to 30% for greater financial protection.

Schiff also criticized Bitcoin's volatility, arguing that U.S. investors (who hold nearly half of Bitcoin) could be affected by price fluctuations.