Peter Schiff, a famous gold bug known in the cryptocurrency community for being a bitcoin bear, has bashed the flagship cryptocurrencies for its poor performance near the end of this year.
On microblogging platform Twitter, Schiff pointed out most asset classes are rallying at the end of the decade, while Bitcoin is still trading around the $7,500 mark. At press time, BTC is trading at $7,300 after falling 0.5% in the last 24-hour period.
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
Notably the U.S. stock market has hit a new all-time high this year thanks to an ongoing Santa Claus rally, that’s helped the Nasdaq Composite (NASDAQ) hi the 9,000 mark, while the Dow Joes Industrial Average (DJIA) hit 28,620 points. The S&P 500 is now trading above 3,240 as well.
Schiff’s tweet was met with resistance from the cryptocurrency community, with many pointing out bitcoin’s price nearly doubled in the past 12 months, as last December it was trading at a $3,200 low. In comparison, the S&P 500 rose about 29% this year.
Data from the MVIS CryptoCompare Digital Assets 100 Index, an index tracking the performance of the 100 largest cryptocurrencies, shows the crypto space outperformed the stock market YTD, with the index being up 44.98% so far this year.
As CryptoGlobe reported, a report published by Bank of America recently called bitcoin the best investment of the decade, as it outline a $10 investment in the cryptocurrency at the start of the decade could be worth $90,000 this year.
Peter Schiff, however, as said he believes a future bitcoin price crash will teach millennials, the generation with more exposure to BTC, a valuable lesson. He wrote on social media millennials will have “a lifetime to benefit from the wisdom that comes from losing money and learning from your mistakes.”
It’s worth noting some prominent crypto community members have argued bitcoin is “gold 2.0” and could take part of gold’s $7 trillion market cap. Earlier this year, , Grayscale Investments, a cryptoasset management firm and a subsidiary of the Digital Currency Group, launched an ad campaign telling investors to drop gold and instead invest in bitcoin.
Featured image via Unsplash.