In post on X, Schiff questioned why global central banks are accumulating gold instead of Bitcoin if BTC is truly poised to replace traditional monetary systems.

“If gold is the past and Bitcoin is the future, why are foreign central banks that are preparing for a future where the U.S. dollar is no longer the reserve currency, replacing their dollar reserves with gold and not Bitcoin?” Schiff asked.

His comments come as central banks worldwide continue to increase their gold holdings in response to growing geopolitical uncertainty, inflation concerns, and the gradual erosion of trust in the U.S. dollar’s long-term dominance. The ongoing accumulation of gold—seen in nations like China, India, and Russia—underscores the precious metal’s enduring role as a hedge against financial instability.

Meanwhile, despite BTC’s surge in price and rising popularity among retail and institutional investors, Schiff argues that central banks have shown no sign of adopting BTC as a reserve asset. Bitcoin’s volatility, regulatory hurdles, and lack of historical precedent are key deterrents, he implies.

The debate taps into a broader divide within financial circles: gold remains the favored instrument for governments preparing for a multipolar monetary future, while Bitcoin continues to attract those betting on a decentralized financial revolution. Schiff’s jab highlights the unresolved tension between legacy monetary systems and digital assets, raising a vital question for the years ahead—will central banks ever trust Bitcoin the way they trust gold?

The post Peter Schiff Challenges Bitcoin’s Future as Central Banks Choose Gold appeared first on Coindoo.

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Filed under: Bitcoin - @ May 25, 2025 12:01 am