- Schiff has said that Bitcoin cannot be the new Gold.
- Schiff has strongly accused the U.S. government of dollar depreciation.
- Despite the attacks, Bitcoin institutionalization has continued, followed by historic growth in 2020.
The American stockbroker known as the opponent of Bitcoin Peter Schiff, recently through a tweet, has blamed the U.S. government for the fall of the dollar. He used a 1942 hospital bill on Twitter, which cost $70 and covered hospital expenses at the time. Moreover, Schiff said $70 then equaled 2 ounces of Gold back then.
The purpose of this Tweet is to show how government’s involvement in health care has run up the cost. Even adjusted for the 98% decline in the purchasing power of the dollar relative to #gold (inflation), it costs ten times as much to stay in a hospital today as it did in 1942! https://t.co/UDgHL9em2F
— Peter Schiff (@PeterSchiff) December 14, 2020
Although Schiff is raising his voice accusing the U.S. government of dollar depreciation, he still refuses to accept Bitcoin as a store of value, saying that Bitcoin cannot compete with Gold in this regard.
In a December 11 tweet, Schiff stressed that all the companies buying Bitcoin now are not doing it by selling the Gold they own. At the end of his tweet, he strongly emphasized that “Bitcoin is not the new gold”.
The latest #Bitcoin marketing gimmick is that lots of private and public companies are trading in their #gold and accumulating Bitcoin as their preferred store of value. Those few companies that are buying Bitcoin did not do so by selling their gold. Bitcoin is not the new gold.
— Peter Schiff (@PeterSchiff) December 11, 2020
Moreover, Schiff is known as a person who has spoken against Bitcoin before. He had also accused CNBC and Grayscale of triggering the rise in the price of Bitcoin.
Bitcoin continues its growth despite attacks.
Although Bitcoin may experience such attacks, it has not stopped growing. In 2020 alone, Bitcoin has increased by 100%, compared to Gold, which has grown 20% in 2020.
Since its launch in 2009, Bitcoin has experienced drastic growth, being chosen even as the best investment of the decade.
Especially in 2020, Bitcoin has shown the opposite of what Schiff says, experiencing a historic year and being adopted even more. Companies like Microstrategy, Grayscale, Stone Ridge invested millions in Bitcoin.
On December 10, 2020, Cryptonary reported that MassMutual insurance Co. had invested $100 mil in Bitcoin, joining the companies mentioned above.
Paypal boosted Bitcoin price in 2020
Although, because of the Coronavirus pandemic, cryptocurrencies declined, they were later decimated, marking historical growth.
The icing on the cake for Bitcoin in 2020 was the integration of cryptocurrencies into the Paypal platform. When the news broke that Paypal had done so, the price of Bitcoin started rising to reach an all-time high of 19,850 on November 30, 2020.
Schiff may continue his anti-Bitcoin rhetoric, but as things go, with the institutionalization of Bitcoin, experts predict the value of Bitcoin will only increase.
After all, it is no coincidence that Bitcoin has outperformed Gold, stocks, and commodities being chosen as the best investment of the decade.