Peter Schiff Reacts to Bitcoin's Drop as Gold Sets Fresh Record High

Gold bug and Bitcoin critic Peter Schiff has weighed in on the latest market movements.

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%."

Schiff's mention of Bitcoin's drop is hardly surprising given his long history of Bitcoin skepticism. Schiff continues to champion gold, dismissing $BTC as a store of value.

At press time, Bitcoin was down 1.12% in the last 24 hours to $86,414 and has marked two straight days of drop since March 25, with today potentially becoming the third, if the trend continues. Despite the drop, Bitcoin remains higher than the lows of $76,555 set nearly two weeks ago.

On the macroeconomic front, investors are looking to the personal consumption expenditures index, the Federal Reserve's favored inflation gauge, which will be released on Friday.

Bitcoin whales on accumulation spree

While macroeconomic concerns and technical indicators may cast doubt on Bitcoin's ($BTC) short-term price trend, purchasing activity by some of Bitcoin's large investors, referred to as whales, suggests a more optimistic outlook.

Since March 11, Bitcoin whales have purchased nearly 129,000 $BTC, worth $11.2 billion at the market price of $87,500, according to statistics shared by blockchain analytics startup Glassnode.

It is the highest accumulation rate since August 2024, indicating that the largest cryptocurrency is gaining traction among market players, according to Glassnode. The Bitcoin Accumulation Trend Score is at 0.23, indicating that larger entities are increasingly turning away from distribution and toward accumulation.