the “Gold bug” Peter Schiff has claimed that although bitcoin has risen 60% in the past twelve months, most of those gains have been made in the first five weeks of 2021. He continues to insist that the majority of those who bought the asset in 2021 did not win.
Bitcoin generates more returns than gold
With the end of the calendar year and bitcoin rising more than 60% since last January, one of the main critics of the digital asset, Peter Schiff, claimed in a tweet that this gain had not been achieved. than in the first five weeks of 2021. Schiff argues that the majority of people who bought the digital asset in 2021 earned nothing.
Indeed, after starting the year 2021 at the level of about $ 29,300, according to data from bitcoin.com, the price of the first cryptoasset more than doubled and was trading above $ 63,500 in mid-April. This contrasts with gold, Schiff’s beloved asset which started the year trading around $ 1,900 per ounce, but then fell to $ 1,730 around the same time.
As the prices of the two assets continued to fluctuate throughout 2021, year-end data shows the leading cryptocurrency outperforming the precious metal again after posting double-digit gains. This performance suggests that even though bitcoin is a very volatile asset, it still generated significant returns for investors, even after February.
In contrast, gold ended the year in the red recording a decline of almost 4%, a fact that Schiff does not mention in one of his latest anti-bitcoin tweets of 2021. Instead, he mentions the digital asset price in February 2021 to support his argument that bitcoin has not generated positive returns for the majority of investors.
Schiff he said:
” The bulls Bitcoin highlight the 60% gain registered by their preferred currency in 2021 as further proof that it is the best asset to buy. But all of those gains came in the first five weeks of the year. Bitcoin is lower now than it was last February. The vast majority of people who bought bitcoin in 2021 are at a loss. “
Besides bitcoin, which has seen an annual increase of 60%, many other cryptocurrencies have also outperformed gold. Ether, which hit an all-time high of $ 4,891 in November, posted a net gain of over 500% at the end of 2021.
Schiff’s tweet pissed off supporters of the first cryptocurrency. For example, in his response to the latest attack on “Gold bug” Against bitcoin, a Twitter user named Moon Landing asked why Schiff was too worried about the first cryptoasset. Another user, Benjamin Cowen, suggested that gold is no longer tracking inflation. He tweeted:
“The vast majority of people who have bought gold over the past decade have seen it not keep pace with inflation. “
Strong supporters of a particular asset often remain loyal to their source of wealth. Such is one of the greatest lovers of the precious metal, Peter Schiff. However, so many heads are said to have so many opinions and we simply cannot qualify his opinion as incorrect. Hopefully this year the prices of assets held by our readers will experience a real explosion. In the meantime, we invite you to stay on Cointribune to be up to date!
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