Bitcoin vs. The Market: An Analysis
As 2019 came to an end, Peter Schiff, the well-known gold advocate, couldn’t resist throwing shade at Bitcoin, claiming it was the only asset class not basking in the year-end glow of rising values. While the U.S. stock market was celebrating record highs, Bitcoin seemed to be sipping on lukewarm coffee, wondering where everyone else’s party was happening.
The Stock Market’s Santa Claus Rally
The stock market didn’t just break records; it smashed them like a piñata at a kid’s birthday party. CNBC reported on December 26 that major stock indexes were hitting their all-time highs. The Nasdaq Composite crossed the impressive 9,000 mark for the first time ever, while the Dow Jones and S&P 500 drank the stock-market equivalent of champagne, rising to 28,621 and 3,239 respectively. But this isn’t a new trend; the Santa Claus rally has been a consistent end-of-year phenomenon.
Schiff’s Sarcastic Observations
On December 27, Schiff took to Twitter with a quip that cut deep:
“Bitcoin is not disappointing those who claim its true value is that it’s a non-correlated asset. Every asset class in the world is rallying…except Bitcoin.
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