TechFlow, May 24 — Economist Peter Schiff questioned the future value of Bitcoin on social media, pointing out that central banks around the world are increasing their gold reserves instead of buying Bitcoin. Schiff asked, "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—twice 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 raise this target to 30% for greater financial protection.
Schiff also criticized Bitcoin's volatility, suggesting that U.S. investors—who hold nearly half of all Bitcoin—could be negatively impacted by price fluctuations.
