Gold bug Peter Schiff claimed that although Bitcoin has risen by 60% in the past 12 months, most of its gains were realized in the first five weeks of 2021. He insisted that most people bought the asset in 2021 but did not get it.
Bitcoin gains higher than gold
As the calendar year ends, Bitcoin has risen by more than 60% since January of last year, and Peter Schiff, one of the main critics of crypto assets, claimed in a tweet that this gain will only be realized in the first five weeks of 2021. Schiff believes that most people who buy digital assets in 2021 will not make a profit.
In fact, after trading at a price slightly higher than $29,300 in 2021, the price of Bitcoin-as shown on Bitcoin.com data -More than doubled, the transaction price was slightly higher than $63,500 by mid-April. This is in sharp contrast to Schiff’s gold, which was trading at around US$1,900 per ounce at the beginning of the year, but fell to US$1,730 at about the same time.
Although the prices of these two assets continue to fluctuate throughout 2021, year-end data show that crypto assets once again outperformed gold after recording double-digit gains again. This performance shows that although it is a very unstable asset, it still brought positive returns to investors even after February.
On the other hand, gold fell by nearly 4% at the end of the year, a fact that Schiff did not mention in his last anti-Bitcoin tweet in 2021. Instead, he used the crypto asset prices in February 2021 to support his argument that Bitcoin did not provide positive returns for most investors. Schiff said:
Bitcoin bulls pointed out that Bitcoin will rise by 60% in 2021, which is more evidence that it is the best asset to buy. But all these gains occurred in the first five weeks of this year. Bitcoin is now below February. The vast majority of people who bought Bitcoin in 2021 are falling.
With the exception of Bitcoin (60% higher at the end of this year than at the beginning of the year), many other cryptocurrencies also performed better than gold. Ethereum hit an all-time high of US$4,891 in November, with net income exceeding 500% by the end of 2021.
There is also a Bitcoin.News Report It shows that about 10 crypto assets have gained more than 10,000% in the same period.
Schiff’s tweet angered Bitcoin supporters.For example, in their response to the recent attack on the gold bug Bitcoin, A Twitter user named Moon Landing asked Schiff why he was too worried about Bitcoin. Another user, Benjamin Cowen, suggested that gold should stop keeping up with inflation. He wrote on Twitter:
“The vast majority of people who bought gold in the past ten years just watched it helplessly or even couldn’t keep up with the pace of inflation.”
Do you agree with Peter Schiff’s latest statement? Tell us what you think in the comments section below.
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