{"id":128785,"date":"2025-05-24T19:29:08","date_gmt":"2025-05-24T19:29:08","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/128785\/"},"modified":"2025-05-24T19:29:08","modified_gmt":"2025-05-24T19:29:08","slug":"if-gold-is-the-past-and-bitcoin-is-the-future-why-peter-schiff-questions-banks","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/128785\/","title":{"rendered":"&#8216;If gold is the past and Bitcoin is the future, why&#8230;?&#8217; Peter Schiff questions banks"},"content":{"rendered":"<ul>\n<li>Peter Schiff reaffirms gold as the ultimate safe-haven over Bitcoin.<\/li>\n<li>Central banks boost gold reserves amid dollar concerns and geopolitical instability.<\/li>\n<\/ul>\n<p>Despite the growing wave of institutional and even state-level adoption of <a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin [BTC]<\/a>, economist and gold advocate Peter Schiff remains unmoved in his long-standing skepticism of the digital asset.<\/p>\n<p>Schiff stands up for gold<\/p>\n<p>Known for his support of gold, Schiff recently took to X (formerly Twitter) to reaffirm his stance, calling the precious metal a superior safe-haven investment. <\/p>\n<p>In a pointed critique, he highlighted the continued accumulation of gold by foreign central banks as evidence of its enduring value, doubling down on his belief that gold, not Bitcoin, is the true reserve asset of choice.<\/p>\n<p>He <a href=\"https:\/\/x.com\/PeterSchiff\/status\/1926096423029768445\" target=\"_blank\" rel=\"noopener nofollow external noreferrer\" data-wpel-link=\"external\">stated<\/a>,\u00a0<\/p>\n<blockquote>\n<p>\u201cIf 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?\u201d\u00a0<\/p>\n<\/blockquote>\n<p>Community reacts<\/p>\n<p>Responding to his remark, Anthony Pompliano <a href=\"https:\/\/x.com\/APompliano\/status\/1926097994924843228\" target=\"_blank\" rel=\"noopener nofollow external noreferrer\" data-wpel-link=\"external\">noted<\/a>,\u00a0<\/p>\n<blockquote>\n<p>\u201cCentral banks are always behind the curve.\u201d\u00a0<\/p>\n<\/blockquote>\n<p>In fact, as expected, many criticized Schiff\u2019s remarks. <\/p>\n<p>But not everyone shared the same thought, as noted by an X user Justin Bechler who <a href=\"https:\/\/x.com\/1914ad\/status\/1926103791075553650\" target=\"_blank\" rel=\"noopener nofollow external noreferrer\" data-wpel-link=\"external\">added<\/a>,\u00a0<\/p>\n<blockquote>\n<p>\u201cYou know why. Because central banks are legacy institutions. They don\u2019t front-run monetary shifts, they lag them. Gold is their comfort blanket. Bitcoin is the threat they can\u2019t control, censor, or confiscate. When the game ends, they\u2019ll be the last to admit it\u2019s over.\u201d<\/p>\n<\/blockquote>\n<p>Interestingly, recent global trends appear to lend some weight to Peter Schiff\u2019s stance. <\/p>\n<p>Are central banks inclined towards gold?<\/p>\n<p>A growing number of central banks are strengthening their gold reserves, spurred by concerns over U.S. monetary policy and broader geopolitical tensions. <\/p>\n<p>Additionally, the weakening of the U.S. dollar, partly influenced by President Donald Trump\u2019s aggressive tariff measures, has prompted countries to seek more stable reserve assets. <\/p>\n<p>Moreover, Russia\u2019s 2022 invasion of Ukraine intensified global instability, prompting a faster pivot toward gold as a trusted safe-haven asset.<\/p>\n<p>This is because in the aftermath of Russia\u2019s invasion of Ukraine, central banks have doubled down on gold, acquiring over 1,000 metric tons annually, twice the average of the previous decade.<\/p>\n<p>Remarking on this, BofA commodity strategist Michael Widmer <a href=\"https:\/\/www.reuters.com\/markets\/commodities\/trumps-policies-spur-further-central-bank-gold-buying-2025-04-03\/\" target=\"_blank\" rel=\"noopener nofollow external noreferrer\" data-wpel-link=\"external\">stated<\/a>,\u00a0<\/p>\n<blockquote>\n<p>\u201cEmerging market central banks currently hold around 10% of their assets in gold. They should really hold 30% of their assets in gold.\u201d<\/p>\n<\/blockquote>\n<p>Gold and Bitcoin price action<\/p>\n<p>This coincided with gold trading at $3,357.4 per ounce, <a href=\"https:\/\/goldprice.org\/gold-price.html\" target=\"_blank\" rel=\"noopener nofollow external noreferrer\" data-wpel-link=\"external\">marking<\/a> a 1.82% daily increase despite a 1.12% dip over the past month. <\/p>\n<p>In contrast, Bitcoin has slipped by 2.34% in the last 24 hours, currently priced at $108,300.54, according to <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener nofollow external noreferrer\" data-wpel-link=\"external\">CoinMarketCap<\/a>. <\/p>\n<p>However, with Bitcoin\u2019s <a href=\"https:\/\/ambcrypto.com\/bitcoin-de-correlates-from-gold-investors-why-is-this-important\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">sustained<\/a> consolidation above the $100,000 level, there is persistent buying interest even after its recent breakout.<\/p>\n<p>Interestingly, this phase has also marked a growing divergence from gold\u2019s price trajectory, signaling a potential decoupling of the two assets.<\/p>\n<p>Therefore, as Bitcoin charts its own course, distinct from traditional safe havens, the market may be entering a new era where digital and physical stores of value respond differently to global economic shifts.<\/p>\n<p>\t\t\t\t\t\t\t\t\t\t\tNext: <a href=\"https:\/\/ambcrypto.com\/hype-stumbles-9-off-its-ath-but-why-bulls-might-not-be-done-yet\/\" rel=\"prev noopener\" data-wpel-link=\"internal\" target=\"_blank\">HYPE stumbles 9% off its ATH: But why bulls might not be done yet<\/a>\t\t\t\t\t\t\t\t\t\t<\/p>\n","protected":false},"excerpt":{"rendered":"Peter Schiff reaffirms gold as the ultimate safe-haven over Bitcoin. Central banks boost gold reserves amid dollar concerns&hellip;\n","protected":false},"author":2,"featured_media":128786,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[52,51,16,15],"class_list":{"0":"post-128785","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-ambcrypto","9":"tag-business","10":"tag-uk","11":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114564468913556575","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/128785","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=128785"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/128785\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/128786"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=128785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=128785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=128785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}