Bitcoin hasn’t had the best second half of 2019. In fact, since the end of June, the leading cryptocurrency has collapsed by 50%, now trading at $7,000 after establishing a year-to-date peak at $14,000.<\/p>\n
This collapse has made many cryptocurrency critics revel. Mark Dow, a prominent hedge fund manager that became famous in the crypto space after he shorted the $19,000 top and covered the $3,000 bottom, wrote last month that he entirely expects for Bitcoin to “die a grinding death, punctuated by spoofs and FOMO spasms of decreasing frequency and intensity.”<\/p>\n
Prominent libertarian investor Peter Schiff, who some say would be a perfect spokesperson for Bitcoin if he liked the cryptocurrency, echoed this line, saying that he expects for BTC to fall to $1,000,<\/a> then lower, with time.<\/p>\n Yet it seems Schiff, Dow, and their contemporaries are forgetting one thing: BTC is still up on the year, 2019, not down.<\/p>\n As pointed out by financial investor and writer Charlie Bilello<\/a>, Bitcoin, as of December 7th, 2019, is still up 96% in 2019.<\/p>\n This far outperforms any other asset class; the Nasdaq 100, which has seen a historic year in terms of growth after a crash in Q4 of 2018, is up 34% on the year; real estate investment trusts, as an index by Vanguard, are up 28%; and investment-grade bonds are up a dozen or so percent.<\/p>\n 2019 Returns… — Charlie Bilello (@charliebilello) December 7, 2019<\/a><\/p><\/blockquote>\nBitcoin Up Nearly 100% in 2019<\/strong><\/h2>\n
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Bitcoin: +96%
Nasdaq 100 $QQQ<\/a>: +34%
S&P 500 $SPY<\/a>: +28%
REITs $VNQ<\/a>: +28%
Oil $USO<\/a>: +28%
Small Caps $IWM<\/a>: +23%
EAFE $EFA<\/a>: +19%
Investment Grade $LQD<\/a>: +17%
Gold $GLD<\/a>: +14%
High Yield $HYG<\/a>: +12%
EM $EEM<\/a>: +11%
US Bonds $AGG<\/a>: +8%
US Dollar $UUP<\/a>: +5%
Cash $BIL<\/a>: +2%<\/p>\n