BITCOIN JUMPED TO $79,000. PETER SCHIFF ADMITTED HE WAS WRONG. WELL, SORT OF.
Even the biggest gold guy grouped Bitcoin with gold and silver as an inflation hedge. That is the case for Bitcoin he has rejected for a decade.
Bitcoin went from $65,000 to almost $80,000 in about four days. Today it is holding around $77,000. That is up 6% on the day. It is the biggest gain of the whole month.
People who bet against Bitcoin lost $709 million yesterday. Some people bet the price will go up. Some bet it will go down. The people who bet it would go down had to buy Bitcoin at higher prices to close their bets. That pushed the price up even more. The whole thing snowballed.
Peter Schiff sells gold for a living. He has spent about ten years saying Bitcoin is worth nothing. Today he posted this: gold went up, silver went up, oil went up, and Bitcoin went up. He said the Fed has lost control of inflation. He said investors are picking whichever hard asset they trust most.
That is actually the case for Bitcoin. The one he has been saying is wrong for ten years. He just made it. It is Friday. Bitcoin is the best-performing thing on his own list.
The Fear and Greed Index went from 34 to 72. Two weeks ago people were scared. Now they are greedy. Nothing changed except the price.
The biggest bear made the bull case.
He grouped Bitcoin with gold.
He named the Fed losing control.
Nothing changed. Except the price.
The cap is still twenty-one million.
He grouped Bitcoin with gold.
He named the Fed losing control.
Nothing changed. Except the price.
The cap is still twenty-one million.
Bitcoin.com · Terence Zimwara · Coinglass · Peter Schiff X post · Fri Aug 21 2026 · 1:36 PM ET