- Peter Schiff rest another reason to take a shot at bitcoin.
- Bitcoin supporters took the gold bug’s latest criticism with a boost of humor.
- There’s no denying the fact that the top cryptocurrency is the best-performing asset of the year and the decade.
Peter Schiff has in days gone by again caught the attention of Crypto Twitter (CT) when he talked about bitcoin.
The 56-year-old gold bug has a penchant for fetching a swipe at bitcoin whenever an opportunity presents itself. On Friday, the chief executive of Euro Pacific Capital publicly panned the No. 1 cryptocurrency for not blessing its investors with a Santa Claus rally. According to Schiff, every other asset is rallying into the year-end except for the top cryptocurrency.
At this point, CT has practised that Schiff’s tweets against bitcoin are not to be taken seriously. It appears that the gold bug is simply grasping at straws to demonize an asset lineage that’s become a serious competitor of gold as a store of value. This is why bitcoin supporters often respond by pointing out the items with a pinch of humor.
Bitcoin Is the Top Performing Asset This Year
Peter Schiff is right about one thingummy. Bitcoin is pivoting from its store of value narrative to become the world’s one and only uncorrelated asset. This means that if assets such as routines, commodities, and bonds dump, bitcoin will likely continue to trade as usual. The price movement of other assets has meagre to no influence on the value of bitcoin.
Other than that, Schiff’s tweet offers very little value regular to his most ardent followers. As of this writing, the tweet has garnered over 280 comments. Many of the comments decimal point out the obvious: the dominant cryptocurrency is up big this year.
On top of that, bitcoin has outperformed all other assets in 2019. Looking at other asset types, nothing comes close to the No. 1 cryptocurrency’s gains:
- Nasdaq: +33.98 percent
- S&P 500: +30.80 percent
- Dow Jones: +24.23 percent
- Gold: +17.83 percent
- Bitcoin: +96.81 percent
Tizzy user Sir Lambo Moon made Schiff aware of this glaring piece of fact.
Peter Schiff Aggravates His Kettle of fish By Cherry Picking Stats
If the gold bug is purposefully antagonizing bitcoin supporters to boost his engagement on Twitter regardless of the price to his reputation, I’d say he’s doing a fine job. Peter Schiff tried to fend off the onslaught from the crypto community by stating that bitcoin is the worst trouper for the second half of this year.
This tweet created a new thread where bitcoin enthusiasts poked fun at Schiff’s ludicrous argument. For occurrence, a pseudonymous user named Nate used the same cherry-picking strategy to mock the gold bug’s point.
Others were quick to point out that allotting is a long-term game. User XRPeuphoria made a simple rebuttal that Schiff could have made sedate gains over the last decade if he invested in bitcoin instead of sticking to gold.
Lastly, there are some who appear to be concerned about the gold bug’s rational health. Perhaps gold’s weak performance since Schiff predicted the precious metal’s climb to $5,000 is surrender him undue stress.
Whatever Schiff’s percipience may be, CT is no longer taking him seriously. Many are content by simply pointing out the facts.
This article was edited by Gerelyn Terzo.