Central Banks Favor Gold Over Bitcoin as Safe-Haven Asset Despite Rising Crypto Adoption, Says Economist Peter Schiff

Economist Peter Schiff has reiterated his skepticism about Bitcoin as a central bank reserve, highlighting that global central banks continue to increase their gold holdings rather than adopting Bitcoin despite rising investor and institutional interest in cryptocurrencies. Schiff points to sustained annual gold purchases exceeding 1,000 metric tons, especially following Russia’s invasion of Ukraine, as evidence that gold remains the top safe-haven asset amid geopolitical instability and concerns over the U.S. dollar’s dominance. The crypto community counters that central banks are traditionally slow to embrace new monetary assets like Bitcoin and are more comfortable with familiar reserves such as gold. Recent market data reflect this divergence: gold prices recently rose to $3,357.4 per ounce, showing a 1.82% daily increase, while Bitcoin consolidated above $100,000, dipping 2.34% in 24 hours but continuing to attract buying interest. This divergence in performance between gold and Bitcoin signals a potential decoupling in how they respond to macroeconomic events. Crypto traders should note that evolving central bank strategies and the distinct behavior of Bitcoin versus gold may shape future safe-haven flows and digital asset trading strategies.