{"id":407851,"date":"2019-12-18T19:00:10","date_gmt":"2019-12-18T19:00:10","guid":{"rendered":"https:\/\/ktsl888.com\/?p=407851"},"modified":"2019-12-18T17:43:42","modified_gmt":"2019-12-18T17:43:42","slug":"goldbug-peter-schiff-calls-for-bitcoin-to-close-2019-at-a-loss","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/goldbug-peter-schiff-calls-for-bitcoin-to-close-2019-at-a-loss\/","title":{"rendered":"Goldbug Peter Schiff Calls For Bitcoin To Close 2019 at A Loss"},"content":{"rendered":"

At the start of 2019, both Bitcoin<\/a> and gold began to rally alongside one another, fueling the Bitcoin as a safe haven asset narrative that permeated the finance industry during the run-up of the two assets.<\/span><\/p>\n

Gold has since taken a pause, while Bitcoin has entered a downtrend, wiping out as much as 50% of the asset\u2019s rally this year. Now, a prominent gold investor and crypto critic is calling for Bitcoin to close the year at a loss, much like other crypto assets across the industry have.<\/span><\/p>\n

Goldbug Peter Schiff Takes Shot at Bitcoin, Calls For Yearly Close at a Loss<\/h2>\n
The year started off with fears of a global recession climbing due to an ongoing trade war between the United States Trump administration against China. The worry that flooded the markets caused stocks to tumble, and safe-haven assets like gold and others to start to rally.<\/span><\/p>\n
Related Reading | Bitcoin Could Follow Gold Fractal With 44% Drop to Under $7,000<\/a>\u00a0<\/strong><\/em><\/p>\n
The digital counterpart to the safe-haven asset gold, Bitcoin, also began to rise as a result. The crypto asset went on a parabolic rally alongside gold, causing many investors to view the first-ever cryptocurrency not only as a store of value, or payment currency, but also as a safe haven asset<\/a> much like the precious metal has served throughout history.<\/span><\/p>\n
Gold is bought by investors as a hedge during economic crisis, during times when stocks and other markets begin to collapse. And while Bitcoin and other cryptocurrencies had just come away from a year-long downtrend that erased as much as 80% or more of the asset\u2019s values, the narrative stuck and investors FOMOed into Bitcoin.<\/span><\/p>\n
But the rally eventually ended, and Bitcoin has since fallen by as much as 50% to current prices from the peak. Before Bitcoin topped out, outspoken crypto critic and goldbug, Peter Schiff, called the parabolic rally nothing more than a sucker\u2019s rally<\/a>, and unfortunately, given Bitcoin\u2019s following downtrend, he may have been correct.<\/span><\/p>\n
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Earlier this year Ether, the #2 crypto by market cap was up over 150%, and now it's down YTD. Ripple, the #3 crypto, has also give up its earlier gains and is now down over 50% YTD. There are still plenty of trading days left in the year for #Bitcoin<\/a> to end 2019 with a loss!<\/p>\n
— Peter Schiff (@PeterSchiff) December 18, 2019<\/a><\/p><\/blockquote>\n