Peter Schiff claims that banks always choose gold over Bitcoin
Peter Schiff reignites gold vs. Bitcoin debate with fresh attack
Renowned gold advocate and Bitcoin critic Peter Schiff reignited the long-running debate over gold versus Bitcoin with a fresh attack on social media.
In a recent post on X, Schiff questioned Bitcoin’s utility as a future reserve asset, highlighting that global central banks are overwhelmingly favoring gold over BTC, reports CoinGape.
“If Bitcoin is the future, why are central banks preparing for a post-dollar world by buying gold, not Bitcoin?” he wrote, referencing the accelerating gold accumulation trend among countries distancing themselves from the U.S. dollar.
Emerging markets double down on gold amid global shifts
Schiff’s comments come amid a record surge in gold purchases by central banks. In response to geopolitical instability—including Russia’s invasion of Ukraine—and concerns about the U.S. dollar’s declining dominance, central banks bought over 1,000 metric tons of gold annually in recent years, double the average of the prior decade.
Analysts like BofA’s Michael Widmer argue that emerging market banks should increase their gold holdings from 10% to 30% of reserves. Russia, in particular, has led the charge, using gold to buffer against sanctions and diversify away from Western currencies.
Schiff warns Americans as Bitcoin falls
Schiff also took aim at U.S. investors, claiming Americans hold nearly half of all Bitcoin and may face steep losses. He criticized the growing use of Bitcoin and stablecoins despite regulatory ambiguity. Meanwhile, gold trades at $3,357.4 per ounce—up 1.82% in a day—while Bitcoin sits at $108,148, down 2.31% on the day but still up 17% over the past month. As central banks lean into gold and market volatility persists, Schiff doubled down: “Gold wins, Bitcoin loses.”
Recently we wrote that a quiet pre-holiday market session was jolted Friday morning after President Donald Trump unexpectedly announced sweeping tariffs against the European Union, reigniting trade war fears and sending shockwaves across global markets.
