Peter Schiff’s Gold Obsession: Bitcoin’s Drop is Just a Side Show

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Ah, Peter Schiff, the man who loves gold more than Midas and hates Bitcoin with the passion of a scorned lover, has once again graced us with his financial musings. Truly, the world would be dull without his glittering takes.

According to Schiff, “Gold is at another record high this morning, rising almost $40, just below $3,060. U.S. stocks, bonds, and Bitcoin are all falling. Gold is not rising due to uncertainty but due to a loss of confidence in the dollar and the certainty that inflation will be much higher than 2%.”

Gold is at another record high this morning, rising almost $40, just below $3,060. U.S. stocks, bonds, and Bitcoin are all falling. Gold is not rising due to uncertainty, but due to a loss of confidence in the dollar and the certainty that inflation will be much higher than 2%.

— Peter Schiff (@PeterSchiff) March 27, 2025

Schiff’s disdain for Bitcoin is as predictable as a sunset in the Sahara. He continues to worship at the altar of gold, dismissing Bitcoin as if it were a mere digital trinket. One wonders if he sleeps with a bar of gold under his pillow. 🛌✨

At press time, Bitcoin was down 1.12% in the last 24 hours to $86,414, marking two straight days of decline since March 25. Today might just be the third, because why not? Despite the drop, Bitcoin remains higher than the lows of $76,555 set nearly two weeks ago. So, it’s not all doom and gloom—just a little drizzle in the crypto storm. 🌧️

On the macroeconomic front, investors are eagerly awaiting the personal consumption expenditures index, the Federal Reserve’s favorite inflation gauge, which will be released on Friday. Because nothing says excitement like inflation data. 📉

Bitcoin whales on accumulation spree

While macroeconomic concerns and technical indicators may cast doubt on Bitcoin’s short-term price trend, the so-called Bitcoin whales are swimming in optimism. Since March 11, these aquatic giants have purchased nearly 129,000 BTC, worth $11.2 billion at the market price of $87,500, according to blockchain analytics startup Glassnode.

This is the highest accumulation rate since August 2024, suggesting that Bitcoin is gaining traction among market players. The Bitcoin Accumulation Trend Score is at 0.23, indicating that larger entities are increasingly turning away from distribution and toward accumulation. In other words, the whales are hoarding Bitcoin like it’s the last can of tuna in the ocean. 🐋

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2025-03-27 18:25