As United States stocks recently hit new all-time high, Schiff has provided his sarcastic remark that Bitcoin’s price doesn’t correlate with performance of other asset classes such as U.S. stocks, precious metals and others. Schiff tweeted on Dec. 27:
“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 into the end of the year except Bitcoin. Not sure what value this actually adds, but at least #Bitcoin is meeting expectations on something!”
U.S. stock market hits historical highs
Schiff’s statement comes after the U.S. stock market recorded a new historical high, rallying into the end of 2019. On Dec. 26, CNBC reported that all three major stock averages hit their ATHs, with the Nasdaq Composite (NASDAQ) breaking the 9,000 mark for the first time in history as well as the Dow Jones Industrial Average (DJIA) and the S&P 500 (SPX) hitting 28,621 and 3,239, respectively.
However, the fact that the U.S. stock market tends to be rising during several final days of the year has been known for decades. As reported by CNBC, stocks typically surge during the final five trading days of the year during the so-called Santa Claus rally period.
Bitcoin is the top performing asset in 2019 as it’s up nearly 100% over ytd
Meanwhile, Bitcoin has allegedly become the top performing asset in 2019 as its price surged over 99% since Dec. 27, 2018, as noted by an apparent Bitcoin bull in the Schiff’s thread on Twitter. In comparison, the DJIA is up around 36% over year-to-date period, according to data from CNBC.
Bitcoin year-to-date price chart. Source: Coin360
While the U.S. stock market is known for its Santa Claus rally period, Bitcoin appears to have no established price trend during the final days of the year. As such, Bitcoin surged almost 2,000% in 2017, skyrocketing from around $974 to its ATH of $20,000 on Dec. 17, 2017.
However, the biggest cryptocurrency has seen no substantive growth in the following year of 2018, since it was affected by what is now known as the crypto winter and it’s price remained stable during new year at around $3,800.