Arch-bitcoin (btc) skeptical Peter Schiff has said that the actual price of BTC is much lower than what we are currently seeing, that it will drop significantly, and that bitcoin mania is “over”.
last week, in a twitter threadSchiff recently shared his opinion scaleBitcoin Trust (GBTC) performance, focusing on Net Asset Value (NAV), and what it means for the price of Bitcoin.
And according to him, that means BTC is already trading “significantly below” $10,000.
“I think this is the real price of bitcoin, because when you sell GBTC you get paid real cash. But when you sell BTC you get paid.” lanyard, You have to accept a huge discount to get real cash for bitcoin.”
As expected, he was (again) heavily criticized for his posts by the crypto community, some of whom jokingly claimed that Schiff himself is a BTC buyer looking for sellers. Others are ‘begging’ crypto commentators to let them know when and where they can buy BTC below $10,000.
That said, Schiff urged people to abandon the world’s most popular crypto, saying:
“GBTC is now trading at a 46% discount. New record. Something is definitely going on. Bitcoin is in real trouble. Get out while you can!”
He continued to discuss the possible reasons behind the low NAV, saying that GBTC may have lent out their bitcoin and the borrower was unable to repay the loan, or the BTC was stored with a custodian who lost it – But the NAV may be “really very low.”
On their side, Cryptoasset Manager grayscale investment Having said It said on Friday that “the laws, regulations and documents defining Grayscale’s digital asset products prohibit digital assets from being lent, borrowed or otherwise encumbered.”
It states that all digital assets falling under Grayscale’s digital asset products are stored under its custody Coinbase Custody Trust Companystating that:
“To be perfectly clear: The BTC underlying the Grayscale Bitcoin Trust is owned by GBTC and GBTC alone.”
And in their announcement on the subject, the company Claimed He,
“The custody of digital assets underlying Grayscale’s digital asset products is unaffected, and digital assets in our products remain safe and secure.”
more to come
Schiff too looked back On one of his earlier tweets regarding BTC, saying that it didn’t take long for his prediction to come true. The tweet in question, posted in July, argued that as the recession deepens, “many HODLers will lose their jobs, especially those working for soon-to-be-bankrupt blockchain companies” need will worsen.”
But, Schiff claimed on Thursday,
“The lion’s share of selling hasn’t started yet. Bitcoin still has a long way to go to fall.”
He also focused his attention on the month’s theme – the catastrophic fall of ftx exchange and the subsequent contagion, stating that former CEO Sam Bankman-Fried ‘Obviously’ was a swindle.
Yesterday, he again commented on the downfall of FTX, but this time in regards to regulation, saying that more government regulation is unnecessary, given free market regulation as well as the U.S. federal Reservewhich is the country’s central bank, and Securities and Exchange Commission ,seconds), among others.
He argued He,
“The beauty of free market capitalism is that it self-regulates. Competition for reputation and profit and loss are better regulators than easy-to-catch bureaucrats.”
‘Bitcoin mania is over’
Schiff is an outspoken stockbroker and CEO of euro pacific capital, which promotes buying gold as an investment strategy, but claims BTC is a scam. He has become quite infamous in the crypto Twitter world over the past few years, where he frequently trolls BTC advocates.
This prolonged decline in the crypto markets has again given him plenty of opportunities. announced Crypto dead and people to be urged to buy gold.
“Bitcoin mania is over. Buy gold,” he said today.
He further claimed that the value of stable coins Will “soon” exceed the value of bitcoin.
At 10:00 UTC on Monday, BTC was trading at $16,119. It’s down 3% in a day, over 1% in a week, 16% in a month and 73% in a year.
BTC 30-day price chart:
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learn more:
, Bitcoin Billionaire Michael Saylor Gets Into Twitter Spat With Gold Bug Peter Schiff
, Peter Schiff gets an unexpected lesson in the benefits of bitcoin as the banking crisis bites
, Billion-dollar crypto fund Grayscale refuses to post proof-of-reserves – next firm to collapse?
, Grayscale Intensifies Efforts Against SEC For Rejecting Bitcoin ETF
, Rich Dad Poor Dad Robert Kiyosaki Calls FTX Founder The ‘Bernie Madoff Of Crypto’, Says ‘Bitcoin Is Not The Problem’
, Binance Now Holds Nearly 600,000 Bitcoins Worth $9.6 Billion – World’s Largest BTC Holder?
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