Frank Giustra delivers a clear warning to Bitcoin enthusiasts who anticipate that the Federal Reserve or other central banks will start acquiring Bitcoin ahead of them: “Don't get your hopes up.”
The Canadian billionaire investor and prominent advocate for gold took to X (formerly known as Twitter) to dampen the excitement surrounding the idea of governments officially adopting Bitcoin.
Despite recent political discussions, Giustra insists that institutions responsible for managing currency will never willingly surrender control to a decentralized digital asset.
“Waiting for central banks to purchase bitcoin? Don't hold your breath,” Giustra emphasized. “They have absolutely no interest in doing so.”
The mining industry tycoon has long maintained that central banks perceive Bitcoin as a threat to their exclusive authority over monetary policy rather than an opportunity worth embracing.
A Skeptical View on Bitcoin
As the founder of Lionsgate, Giustra has been one of the most outspoken wealthy critics challenging the notion of Bitcoin as “digital gold.”
He consistently argues that sovereign states prefer tangible assets under their direct control instead of intangible digital codes.
Giustra often highlights how Bitcoin shifts its narrative whenever convenient. In a critical editorial from 2026, he described it as an asset suffering from a “constant identity crisis.”
The cryptocurrency was originally promoted as something you could use daily—like buying coffee. When this failed, advocates switched focus toward branding it as “digital gold.”
His skepticism culminated in a public dispute with MicroStrategy CEO Michael Saylor back in 2021.
Giustra accused Saylor and other staunch supporters of acting like “carnival barkers”, giving irresponsible financial advice without regard for risks involved.
According to reports by U.Today, he even labeled Saylor a “Bitcoin charlatan”.