Peter Shif, a critic of Bitcoin, has once again discussed the never -ending gold BTC debate, which repeats his stance on two assets, with his recent post on X, with his recent post. His argument focused on the growing trend of global central banks in favor of gold reserves on bitcoin.
Gold victory, bitcoin necklace: Peter Shif tells the choice of central banks
In its recent X post, Peter Shif doubled on gold As the ultimate safe property. Via his threads, chiffs, a vocal bitcoin critic, once again emphasized the superiority of gold on BTC. He said that while referring to foreign central banks adopting traditional property as a reserve, he said,
If gold is the past and bitcoin is the future, then why are foreign central banks preparing for the future where the US dollar is no longer reserved currency, changing its dollar reserves with gold and not bitcoin?
According to Peter Shif, the growing trend of precious metal underlines its timeless value in the global financial system by becoming a reserve. In another post, Shif criticized Americans for collecting bitcoins at high prices. He claims that the American, who owns almost half of the global bitcoin and holds 40% of the supply, can be installed for significant damage because others may cash in cash.
In a recent development, Cern scientists used With lead-to-gold transformation. It provoked the debate about the long-term value of the metal, the CNBC’s Rain Nunner predicted bitcoin, which would be better than sleeping as a safe-heaven property.
Central banks deposit gold
Operated by US President Donald Trump’s tariff policies and dollar devaluation, global central banks are bringing diversity to their reserves with gold. Russia’s 2022 invasion in Ukraine is another major factor that contributes to the increasing demand for property. According to a report by Reuters, “This year’s demand from central banks (to sleep) could be the highest in several decades.”
After Russia’s Ukrainian invasion, central banks intensified their gold purchases, bought more than 1,000 MT annually – doubled over the average of the previous decade. “Emerging Market Central Bank currently keeps about 10% of its assets in gold. They should actually keep 30% of their assets in gold,” said Michael Vidamar, a bofa commodity strategist.
In particular, Russia’s central bank is a top gold holder globally. The country has stocked the metal from 2014 to 2020 for shield against Western sanctions. Meanwhile, the Finance Ministry is considered to be quietly depositing this property from domestic producers. Referring to this trend, foreign governments are accumulating precious metals.
Pointing to this increased demand for traditional assets, Peter Shif questions why the central bank will not choose for bitcoin if it is actually a better reserve property. Other than this, Peter Shif criticizes the growing use of stablecoins In the US amid regulator uncertainty.
At the press time, the price of gold is $ 3,357.4 an ounce, 1.82% a day and 1.12% in a month. Meanwhile, bitcoin is $ 108,148, which is 2.31% a day and up to 17% in a month.
Ninu V Jamal
Ninu V Jamal is an emotional crypto journalist with a three -year experience in Blockchain, Web 3 and Fintech regions. He has established himself as a knowledgeable and attractive voice in cryptocurrency and blockchain space. His experience as an assistant professor in English language and literature has added more in search of informative, well research and accessible material.
Disclaimer: The material presented may include the author’s personal opinion and is subject to the market status. Do your market research before investing in cryptocurrency. The author or publication does not have any responsibility for your personal financial loss.
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