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Bitcoin Surged Almost 4X in 2020, Peter Schiff Admits, But He Remains Sceptical About BTC

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Fri, 01/01/2021 - 11:34
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Yuri Molchan
Bitcoin critic Peter Schiff has admitted a major BTC rise in 2020, however, he still slams BTC, claiming that a major rise does not make it a store of value, unlike gold
Bitcoin Surged Almost 4X in 2020, Peter Schiff Admits, But He Remains Sceptical About BTC
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In 2020, Bitcoin surged more than 300 percent by December 31 – from the $7,900 area to the current $29,300 zone.

Bitcoin hater Peter Schiff has taken to Twitter to admit this fact. However, he still believes that Bitcoin is only good for gamblers and cannot be considered a proper safe haven or a store of value.

2020 sees BTC rise more than 300 percent

Peter Schiff and Anthony Pompliano have both tweeted that in the past 2020 Bitcoin reached a major milestone by growing more than 300 percent.

BTC
Image via Twitter

If in early January BTC was trading in the $7,900 zone (and then dropped below the $4,000 level briefly in March) then today, on January 1, 2020, it is changing hands at $29,341.

Peter Schiff admitted the fact of BTC growing way higher than his favourite gold. However, the Euro Pacific Capital CEO remains firm in his opinion that Bitcoin is not a store of value and not a safe haven, unlike gold.

He compared Bitcoin to Tesla shares which soared even higher in 2020, showing a more than 7x growth, saying that both look like a gambler’s bet.

BTC
Image via Twitter

Related
Year in Review: U.Today Picks Top 13 Cryptocurrency Events of 2020

Schiff is “second biggest Bitcoin influncer”

Curiously, in the last week of 2020, Peter Schiff was named the second biggest Bitcoin influencer. Anthony Pompliano was rated first and Bitcoiner Max Keiser was the fifth on that list.

When commenting on that, the gold bug stated that he got to the number two spot with no effort at all, admitting that considering the high BTC rate, he hardly had any influence on BTC.

He jokingly tweeted that in 2021 he plans to be on the first stop on the list, hoping that the BTC rate would change.

BTC
Image via Twitter
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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.