Bitcoin News Today – Headlines for October 20

  • Since Gold Topped Out at $1,800, Bitcoin (BTC) Has Surged By 83,331 Percent
  • Bitcoin (BTC) Is the Best Performing Asset over the Past 10 Years

Bitcoin News Today – If you have been following the latest crypto trend on Twitter over the past day, you might have noticed a BTC-bashing tweet from Peter Schiff. The libertarian investor’s tweet shows that the price chart of Bitcoin (BTC) looks horrible. According to Schiff, the bear flag that accompanied the recent price plunge is projecting more losses towards the $6k level, which means a decrease of about 25 percent from its current level.

Schiff also said that BTC did not only fall below a flag, but we are also close to finishing the right shoulder of a head and shoulder top, which suggests a price plunge below $2k. The technical analysis of Schiff might be correct. However, many in the digital currency space are rebutting his sentiment that Bitcoin (BTC) is inferior to gold.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$7,166.26
-5.58%

Since Gold Topped Out at $1,800, Bitcoin (BTC) Has Surged By 83,331 Percent

Over the past five years, Peter Schiff – who is the CEO of Schiff Gold – has been lambasting Bitcoin (BTC). For some years now, he has been calling Bitcoin many things. One of his main thesis is that Bitcoin is an asset that does not have an inherent value that would eventually trend to zilch. However, this has not been the case of Bitcoin (BTC) so far.

Rather, analyst Rampage pointed out that since one ounce of gold topped out at $1,800 in 2012, the price of Bitcoin (BTC) has surged by 83,331 percent. In the same time frame, the value of gold plunged by 20 percent. Rampage is not the first to point out what skeptics of Schiff see as flaws in the argument that Bitcoin is inferior to gold.

Bitcoin (BTC) Is the Best Performing Asset over the Past 10 Years

A former Facebook team member – Anthony Pompliano – recently gave his opinion about the world’s largest digital currency. Pompliano has been a digital currency investor for quite some time now. The digital currency investors recently said that Bitcoin (BTC) is the best performing asset over the past ten years. He also added that the lack of penetration and the scarcity of the digital currency is likely to allow it to grow at an enormous pace in the years to come.

There is no guarantee that the digital currency market would continue to surge higher in the years to come. However, critics have deemed the points of Schiff as a result of his long history of disliking Bitcoin (BTC) as it surged higher and higher over the past years.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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