Peter Schiff questions Bitcoin's value, believes 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 raised the question: "If Bitcoin is the future, why are central banks choosing gold instead of Bitcoin to replace the dollar?" According to reports, central banks currently purchase over 1,000 tons of gold each year, which is twice the average level of the past decade. Michael Widmer, a strategist at a U.S. bank, stated that emerging market central banks currently hold only 10% of their gold reserves, but should increase the target to 30% for greater financial protection. Schiff also criticized the volatility of Bitcoin, suggesting that American investors (who hold nearly half of all Bitcoin) may be affected by price fluctuations.