The Afterpay (ASX:APT) share price rocketed 300% higher in 2020

The Afterpay Ltd (ASX: APT) share price was the best performer on the S&P/ASX 200 Index (ASX: XJO) in 2020 by some distance.

In fact, the payments company’s shares recorded a gain of 303%, which was more than double that of the next best performer – the Kogan.com Ltd (ASX: KGN) share price with a 150% gain.

Why did the Afterpay share price quadruple in 2020?

Investors were buying Afterpay’s shares for a number of reasons in 2020.

One of those was the company’s exceptionally strong performance during the pandemic. There were fears that the crisis would cause a spike in bad debts and a collapse in sales. However, those fears couldn’t have been any more wrong.

Instead, Afterpay benefited greatly from the accelerating shift…