Economist Peter Schiff questions the value of Bitcoin, pointing out that central banks choose gold over Bitcoin

ChainCatcher news, 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 instead of Bitcoin to replace the dollar?"

According to reports, central banks are currently purchasing over 1,000 tons of gold each year, 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 that to 30% for greater financial protection.

Schiff also criticized the volatility of Bitcoin, believing that U.S. investors (who hold nearly half of all Bitcoin) may be affected by price fluctuations.