Peter Schiff Criticizes Bitcoin for Lack of Santa Claus Rally
According to him, the majority of asset classes are experiencing rallies at the end of the decade, while the price of BTC remains close to $7,500 level. As at the time of writing, its price was at $7,300, following a 0.5 percent decline within the previous 24 hours.
Bitcoin is not disappointing those who claim its true value is that it’s a non-correlated asset. Every asset class in the world is rallying into the end of the year except Bitcoin. Not sure what value this actually adds, but at least #Bitcoin is meeting expectations on something!
— Peter Schiff (@PeterSchiff) December 27, 2019
The stock market of the United States has attained a fresh all-time high in 2019 due to an ongoing Santa Claus rally. Nasdaq Composite (NASDAQ) reached the 9,000 level and the Dow Joes Industrial Average (DJIA) attained 28,620 points. The S&P 500 is currently over 3,240.
The crypto community resisted the comments of Schiff. Numerous individuals noted that the price of BTC is almost double of what it was 12 months ago, as it attained a $3,200 low in December 2018. However, the value of the S&P 500 relatively increased by 29 percent in 2019.
The MVIS CryptoCompare Digital Assets 100 Index is an index that monitors the performance of the 100 biggest cryptos. The data from the index reveals that the cryptocurrency market performed better than the stock market YTD.
A report released by the Bank of America in recent times called BTC the best investment of the decade. According to the report, a $10 BTC investment at the beginning of the decade may be worth $90k in 2019.
Previously, Peter Schiff expressed his belief that millennials will be taught a great lesson by future BTC price crashes, as it is the generation more exposed to Bitcoin.
Arguments by some renowned cryptocurrency community members called Bitcoin “gold 2.0.” In the beginning of 2019, Grayscale Investments started an ad campaign telling investors to leave gold and invest in Bitcoin.