Central Banks Are Buying Gold, Not Bitcoin — Peter Schiff Says That Speaks Volumes

As the world navigates through economic turbulence, gold is once again taking center stage — and economist Peter Schiff sees that as a warning sign for Bitcoin believers.

Rather than diversifying into crypto, central banks are quietly stacking gold at record pace, purchasing over 1,000 metric tons annually — a figure that’s more than double the historical average. Schiff, a long-time crypto critic, argues this shift reflects a loss of faith in the U.S. dollar and a deepening preference for assets with proven resilience.

This trend isn’t new. Countries like Russia have been stockpiling gold since 2014 to buffer against sanctions and geopolitical isolation. Now, others are following suit, especially as global uncertainty intensifies and Trump’s renewed tariff policies stir concern about the dollar’s future.

While Bitcoin supporters pitch it as the currency of tomorrow, Schiff poses a sharp question: If crypto is the future, why are governments still choosing gold?

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Bank of America’s Michael Widmer suggests emerging market banks are underexposed to gold and may soon triple their allocations. That, Schiff says, underscores what institutions really trust when stability is on the line.

He also warns that Bitcoin’s wild price swings and its heavy U.S. investor concentration make it a risky bet, especially for institutions that value consistency. At the time of his comments, gold was edging up near $3,357 an ounce, while Bitcoin, though up for the month, had fallen over 2% in a single day.

Not everyone shares Schiff’s skepticism. Market voices like CNBC’s Ran Neuner believe Bitcoin could still emerge as the stronger safe haven — but for now, central banks seem to be casting their vote in ounces, not satoshis.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.