Economist Peter Schiff took to social media to question the future value of bitcoin, noting that global central banks are adding to 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 dollar?" According to reports, central banks are currently buying more than 1,000 tonnes of gold per year, double the average over the past decade. Bank of America strategist Michael Widmer said emerging market central banks currently hold only 10% of their gold reserves, but should raise the target to 30% for greater financial protection. Schiff also criticized bitcoin's volatility, arguing that U.S. investors (who hold nearly half of bitcoin) could be affected by price fluctuations.