According to online reports, economist Peter Schiff questioned the future value of Bitcoin on social media, pointing out that central banks around the world are increasing their gold reserves rather than buying Bitcoin. Schiff asked: "If Bitcoin is the future, why did central banks choose gold instead of Bitcoin to replace the US dollar? "According to reports, the central bank currently purchases more than 1,000 tons of gold per year, double the average of the past decade. Bank of America strategist Michael Widmer said emerging market central banks currently hold only 10% of their gold reserves, but should increase their target to 30% to gain greater financial protection. Schiff also criticized Bitcoin's volatility, arguing that U.S. investors (who own nearly half of Bitcoin) could be affected by price fluctuations.