Bitcoin News and Finance
Gold Bug Peter Schiff Claims Bitcoin’s Yearly Gain of 60% Was Achieved in First 5 Weeks of the Year Skip to main content

Gold Bug Peter Schiff Claims Bitcoin’s Yearly Gain of 60% Was Achieved in First 5 Weeks of the Year

Gold bug Peter Schiff has claimed that though bitcoin went up by 60% during the past twelve months, most of these gains were achieved during the first five weeks of the year in 2021. He insists that the majority of those that bought the asset in 2021 have not gained.

Bitcoin Gains Higher Than Those of Gold

With the calendar year ending and bitcoin up more than 60% since last January, one of the crypto asset’s chief critics, Peter Schiff, has claimed in a tweet that this gain was only achieved in the first five weeks of 2021. Schiff argues that the majority of people who bought the digital asset in 2021 have not gained.

Indeed, after starting 2021 trading at just above $29,300, the price of bitcoin — as shown by Bitcoin.com data — more than doubled and was trading just above $63,500 by mid-April. This is in contrast to Schiff’s gold which started the year trading at around $1,900 per ounce but had dropped to $1,730 at around the same time.

Gold Bug Peter Schiff Claims Bitcoin's Yearly Gain of 60% Was Achieved in First 5 Weeks of the Year

While prices of both assets continued to fluctuate throughout 2021, year-end data shows that the crypto asset had again outperformed gold after it recorded double-digit gains once more. This performance suggests that despite it being a very volatile asset, it still generated positive returns for investors, even after February.

Gold Bug Peter Schiff Claims Bitcoin's Yearly Gain of 60% Was Achieved in First 5 Weeks of the Year

Gold, on the other hand, ended the year nearly 4% lower, a fact Schiff does not mention in one of his last anti-bitcoin tweets of 2021. Instead, he uses the crypto asset’s price in February 2021 to support his argument that bitcoin has not generated positive returns for a majority of investors. Schiff said:

Bitcoin bulls point to bitcoin’s 60% gain in 2021 as more evidence that it’s the best asset to buy. But all of those gains occurred during the first five weeks of the year. Bitcoin is lower now than it was in Feb. The vast majority of people who bought Bitcoin in 2021 are down.

Five-Digit Gains

Besides bitcoin, which ended the year 60% higher than it started, numerous other cryptocurrencies also outperformed gold. Ethereum, which hit an all-time high of $4,891 in November, had a net gain that surpassed 500% by the end of 2021.

Also, a Bitcoin.News report shows that about ten crypto assets had gains of more than 10,000% during the same period.

Schiff’s tweet has riled bitcoin proponents. For instance, in their response to the gold bug’s latest attack on BTC, one Twitter user named Moon Landing asked why Schiff worries too much about bitcoin. Another user, Benjamin Cowen suggested that gold no longer keeps up with inflation. He tweeted:

“The vast majority of people who bought gold over the last decade have just watched it not even keep pace with inflation.”

Do you agree with Peter Schiff’s latest claims? Tell us what you think in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory