Peter Schiff To Bitcoin Fans: Why Do Central Banks Still Prefer Actual Gold?

• Schiff questions why central banks prefer gold over Bitcoin today. 
• He says crypto investors ignore risks from rising interest rates.
• Markets fell: stocks, bonds, and the dollar dropped sharply this week.

Economist and well-known Bitcoin critic Peter Schiff raised an interesting question on social media this week. He asked a simple, yet loaded question, if Bitcoin truly is the heir apparent to global finance, why are foreign central banks actively stocking up on gold instead of Bitcoin as they prepare for a world where the US dollar may no longer be the main global currency?

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?

— Peter Schiff (@PeterSchiff) May 24, 2025

When a user claimed that banks are buying Bitcoin, Peter replied and said, 

“No they are not. Some of their customers are. They are just making money off them.”

Schiff Challenges Bitcoin Narrative as Central Banks Stockpile Gold

Peter again took a jab at the crypto market. This time, the critic called crypt…

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