Gold Bug Peter Schiff claims that Bitcoin’s annual revenue of 60% was achieved within the first 5 weeks of the 12 months

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Gold bug Peter Schiff has claimed that while Bitcoin is up 60% in the past twelve months, most of those gains were made in the first five weeks of the year 2021. He insists that the majority of those who bought the asset in 2021 did not win.

Bitcoin wins higher than that of gold

With the calendar year ending and Bitcoin up more than 60% since last January, one of the crypto-asset’s main critics, Peter Schiff, claimed in a tweet that this profit was only made in the first five weeks of 2021. Schiff argues that the majority of people who bought the digital asset in 2021 did not win.

After Bitcoin price started at just over $ 29,300 in 2021, the price has more than doubled – as data from Bitcoin.com shows – trading just over $ 63,500 by mid-April. This is in contrast to Schiff’s gold, which traded at around $ 1,900 an ounce earlier in the year but had fallen to $ 1,730 around the same time.

Gold Bug Peter Schiff claims that Bitcoin's annual profit of 60% was achieved in the first 5 weeks of the year

While the prices of both assets continued to fluctuate throughout 2021, year-end data showed that the crypto asset had once again outperformed gold after posting double-digit gains again. This performance suggests that while it is a very volatile asset, it continued to generate positive returns for investors even after February.

Gold Bug Peter Schiff claims that Bitcoin's annual profit of 60% was achieved in the first 5 weeks of the year

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

Bitcoin bulls point to Bitcoin’s 60% growth in 2021 as further evidence that Bitcoin is the best asset to buy. But all of these gains occurred in the first five weeks of the year. Bitcoin is now lower than it was in February. The vast majority of people who bought Bitcoin in 2021 are in the red.

Five-digit profits

In addition to Bitcoin, which ended the year 60% higher than at the beginning, numerous other cryptocurrencies also outperformed gold. Ethereum, which hit an all-time high of $ 4,891 in November, posted a net gain of over 500% by the end of 2021.

Also, a report by Bitcoin.News shows that around ten crypto assets posted gains of more than 10,000% over the same period.

Schiff’s tweet angered Bitcoin proponents. For example, in her response to the recent gold bug attack on BTC, a Twitter user named Moon Landing asked why Schiff was too worried about Bitcoin. Another user, Benjamin Cowen, suggested that gold is no longer keeping up with inflation. He tweeted:

“The vast majority of people who have bought gold in the past decade have only observed that it doesn’t even keep up with inflation.”

Do you agree with Peter Schiff’s latest allegations? Let us know what you think in the comments below.

Terence Zimwara

Terence Zimwara is an award-winning journalist, writer, and writer based in Zimbabwe. He has written extensively on the economic problems of some African countries and how digital currencies can provide an escape route for Africans.



Photo credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on the content, goods or services mentioned in this article.

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