Schiff, however, was quick to reject this notion. In a post on X (formerly Twitter), he called Fink’s statement an “obvious attempt” to promote BlackRock’s Bitcoin ETF, arguing that Bitcoin’s high volatility and speculative nature make it an unsuitable alternative to the U.S. dollar. According to Schiff, gold—not Bitcoin—is the real contender that could challenge the dollar’s global reserve status.
Schiff has long been a vocal critic of Bitcoin, frequently arguing that it lacks intrinsic value and is prone to massive price swings. In contrast, he views gold as a time-tested store of value that central banks and institutions trust as a hedge against inflation and economic uncertainty.
Despite Schiff’s skepticism, Bitcoin’s growing adoption by financial institutions and hedge funds has fueled its rise. The launch of Bitcoin ETFs, including BlackRock’s, has increased mainstream exposure, attracting significant investments. However, gold continues to hold its place as a preferred reserve asset for central banks.
BlackRock Inc., the world’s largest asset manager, is expanding its Bitcoin offerings beyond the U.S. market. Following the success of its $48 billion U.S. fund tracking Bitcoin, the company has launched its first Bitcoin exchange-traded product (ETP) in Europe.
The iShares Bitcoin ETP began trading on March 25, 2025, on Germany’s Xetra exchange and Euronext exchanges in Paris and Amsterdam. This move provides institutional investors with regulated exposure to Bitcoin, reflecting the growing interest in cryptocurrency investments on a global scale.
While Bitcoin is often referred to as “digital gold,” it remains highly speculative compared to the stability of physical gold. Bitcoin’s price can swing by double-digit percentages in a single day, whereas gold has historically provided steady, long-term value appreciation.
Fink’s endorsement of Bitcoin as a potential reserve currency underscores the increasing institutional interest in cryptocurrencies. Still, Schiff’s stance aligns with those who believe that the dollar’s replacement—if it ever happens—will come from a more stable and historically trusted asset like gold rather than a digital currency.
As the debate continues, both Bitcoin and gold remain key players in the evolving global financial landscape, with investors watching closely to see which asset gains further traction as a store of value in uncertain economic times.
Also Read: Bitcoin and the psychology of wealth: Robert Kiyosaki on why most people stay poor
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
