Peter Schiff questions the value of Bitcoin, believing that Central Banks choose gold over Bitcoin.

[Peter Schiff questions the value of Bitcoin, believing 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 purchasing Bitcoin. Schiff posed the question: "If Bitcoin is the future, why are Central Banks choosing gold over Bitcoin to replace the US dollar?" According to reports, the Central Bank is currently purchasing over 1,000 tons of gold each year, which is double the average level of the past decade. Michael Widmer, a strategist at Bank of America, stated that emerging market central banks currently hold only 10% of their reserves in gold, but should aim to raise that target to 30% for greater financial protection. Schiff also criticized the volatility of Bitcoin, believing that American investors (who hold nearly half of the Bitcoin) could be affected by price fluctuations.