Peter Schiff again criticized Bitcoin and this time even left to Grayscale
Vocal critic of Bitcoin and ‘gold bug’ Peter Schiff accused the crypto investment fund Grayscale of helping to “fuel the Bitcoin bubble” and using CNBC ads to do so.
This Schiff topic came in response to Barry Silbert’s recent tweet (Grayscale CEO) about bringing back the famous Grayscale “Drop Gold” ad to television.
Schiff accuses Grayscale and CNBC
In its recent topic on Twitter, Peter Schiff offered a theory of how Grayscale Investments has helped to promote Bitcoin and to value it on the price lists.
Here is how the Grayscale Trust helps fuel the #Bitcoin bubble. First Grayscale spends lots of money on @CNBC running non-stop ads pumping Bitcoin to investors. CNBC then returns the favor by constantly featuring pro-Bitcoin guests on air, who make pie-in-the-sky price forecasts.
– Peter Schiff (@PeterSchiff) December 2, 2020
“Here’s how the Grayscale Trust helps fuel the #Bitcoin bubble. First, Grayscale spends a lot of money on @CNBC running uninterrupted ads bombarding Bitcoin for investors. Then CNBC returns the favor by constantly presenting pro-Bitcoin guests on the air, who make incredible price predictions.
At the same time, CNBC keeps Bitcoin skeptics off the air. This constant side bombardment results in the GBTC being traded with a big win over its NAV, allowing Grayscale to create new GBTC shares that it promptly sells on the market for an instant profit. ”
According to their tweets, Grayscale spends a lot of money on Bitcoin ads on CNBC and the media giant “returns the favor” by inviting Bitcoin supporters on the air. These people make “fantastic price predictions,” tweeted Schiff, while CNBC doesn’t invite any Bitcoin critics.
Peter Schiff believes that Grayscale is selling its GBTC shares and then acquiring more Bitcoin, putting more pressure on BTC and funding more commercials on CNBC.
According to Schiff, this allows Grayscale to make more profits and make more people want to earn Bitcoin.
“Grayscale is the biggest Bitcoin buyer” at the moment
Euro Pacific Capital’s CEO ranked Grayscale as the largest Bitcoin buyer. Schiff believes that the company will follow its strategy with “virus ads” until the BTC bubble pops.
When demand for BTC’s equity funds begins to decline, Schiff wrote, they will begin trading at a discount with all the consequences for Bitcoin in the next market, turning Grayscale from the biggest buyer to the biggest seller.