It further states that crypto assets have served as a “highly speculative” asset class for “certain” investors that engage in illicit activities. Moreover, they suffer from highly volatile prices, limits to scalability, complicated user interfaces, and issues in governance and regulation, among other challenges.
This didn't surprise the crypto community much as Bitcoin has already been declared ‘dead’ 377 times.
However, what Bitcoin detractors fail to note is that the leading cryptocurrency is the best performing asset ever. Also, every year, Bitcoin has been making a higher low.
Don't look at ATH's, look at yearly lows. That will tell you the growth in hodlers.
2012 – $4
2013 – $65
2014 – $200
2015 – $185
2016 – $365
2017 – $780
2018 – $3200
That tells you the growth in the people who won't sell at any price.#btc #Crypto #Bitcoin
— Ben (@Ben_TRX) January 1, 2019
Bitcoin has actually shown more growth than gold has in over 100 years.
Bitcoin Going to $2,000 then $200
Gold proponents like Peter Schiff, however, love to make wild and baseless price predictions for Bitcoin.
According to his latest such call, Bitcoin would first fall to $6,000 only to make its way to below $2,000. This would mean, a drop of 75% from BTC’s current level, at around $8,000.
The Bitcoin chart looks horrible. Not only does the flag that followed the recent breakdown project a move to $6K, but we are close to completing the right shoulder of a head and shoulders top, with a $14K head, and neck line just below $8K, that projects a collapse to below $2K!
— Peter Schiff (@PeterSchiff) October 19, 2019
Though it is highly unlikely that Bitcoin makes a new low after correcting to $3,200 on December 2018, if BTC does take a drop, Bitcoin investors only see it as a bargain. But according to Schiff that would see “easily another 90% drop, from $2,000 to $200.”
Given his confidence in Bitcoin’s crash, it is the perfect opportunity for Schiff to short Bitcoin. And now with 125x leverage available on Binance, he can rake some good money.
But maybe he’s just not into money or he just wants the Bitcoin community to keep on convincing him how good it really is, with ‘free’ BTC, that is, for better understanding.
Meanwhile, Gold is Down 16% since Topping in 2012
Bitcoin might be struggling currently around $8,000, down 58% from its all-time high at $20,000 in late 2017, but gold hasn’t seen its peak in the last 7 years.
Only recently, in May 2019 yellow metal starting surging as the global economy showed signs of weakness, central banks get aggressive with cutting interest rates and quantitative easing, trade wars and fears of recession enter the market.
Gold hit its peak at $1,809 on September 12, 2001, as per Goldprice.org. Since then, however, Bitcoin has been up more than 83,300%.
$BTC v Gold
I just wanted to personally remind you that bitcoin is up 83,331.79% since gold topped out at $1800 seven years ago.
What's it like hodling a -20% gold bag for seven years? pic.twitter.com/gmAgSwLpsl
— Rampage (@Thrillmex) October 19, 2019
Bitcoin is not stopping anytime soon, if ever.
The cryptocurrency just hit a major milestone as the 18 millionths BTC was created. We also have another major event, reward halving coming in May 2020 that according to popular analyst PlanB should see BTC going as high as $100,000.