Peter Schiff Criticizes Bitcoin Performance
On the 27th of December, Peter Schiff criticized Bitcoin for its poor performance to the end of 2019. He said that most asset classes are experiencing rallies at the end of the decade, as the price of Bitcoin remains close to the $ 5700 level. At the time of writing, the price was at $ 7300, after a 0.5% decline, within the previous 24 hours.
The US stock market just attained a fresh all-time high in 2019 due to an ongoing Santa Claus rally. NASDAQ reached the 9000 level, Dow Joes Industrial Average (DJIA) earned 28 620, and the S & P 500 is currently above 3240.
Crypto-Community Disagrees with Peter Schiff Views
Numerous crypto enthusiasts differed with Schiff’s comment, as they noted the current Bitcoin’s price is almost double of what it was a year ago, as it attained a $ 3200 low in December 2018. Nevertheless, the value of S and P 500 relatively increased by 29% in 2019.
Information from MVIS CryptoCompare Digital Assets Index revealed that the cryptocurrency market performed better than the stock market YTD. This Index monitors the performance of the 100 biggest cryptos. Another report from the Bank of America recently said Bitcoin is the best investment of the decade, and that $10 Bitcoin investment at the start of the decade may be worth $90k in 2019.
Even if Peter Schiff believes that millennials will suffer under major Bitcoin price crashes, renowned crypto enthusiasts called it gold. At the start of 2019, Grayscale investment made an ad campaign encouraging its investors to leave gold and take up Bitcoin.