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CNBC Will Never Present Bearish Case for Bitcoin, Says Peter Schiff, Here's Why

Thu, 12/17/2020 - 14:07
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Yuri Molchan
Renowned Bitcoin hater Peter Schiff has accused CNBC anchors of being unwilling to showcase a bearish case for BTC, here's explanation he offers for this allegation
CNBC Will Never Present Bearish Case for Bitcoin, Says Peter Schiff, Here's Why
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Bitcoin critic, gold bug and CEO of Euro Pacific Capital, Peter Schiff, has commented on the recent appearance of Grayscale's Michael Sonnenshein on a CNBC show.

Sonnenshein boasted that the company's investor inflows have risen substantially compared to last year. Peter Schiff stated that CNBC will never showcase a bearish case for Bitcoin.

"Grayscale is CNBC's biggest advertiser"

Peter Schiff took to Twitter to accuse CNBC of taking "ad dollars" from Grayscale Bitcoin Trust and, for this reason, always presenting only bullish Bitcoin cases to its viewers.

This media network will never showcase a bearish case for BTC, wrote Schiff, as it has "sold out its audience."

Image via Twitter

Grayscale sees 6x inflow rise over last year

While speaking to CNBC, Grayscale managing director Michael Sonnenshein shared that inflows of investor funds to the company have seen a significant rise compared to the previous year: up 6x.

As of Dec. 15, Grayscale Investments' crypto holdings in management total a mammoth-sized $13 billion. That includes Bitcoin, Ethereum, XRP and other top-tier digital assets on the market.

Bitcoin is the leader among Grayscale shareholders as the amount of BTC under the company's management equals $10,821.80 million, according to data from Grayscale.

Image via Twitter

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Schiff slamming Grayscale's "Drop Gold" advert

This is not the first time that infamous gold bug Peter Schiff has poured scorn on Grayscale and CNBC.

The previous case took place on Dec. 1, when Grayscale founder Barry Silbert decided to relaunch the famous "Drop Gold" ad campaign on CNBC to promote his company's GBTC Bitcoin-based product.

The next day, Schiff took to Twitter to accuse Grayscale of "pumping the Bitcoin bubble," saying that CNBC takes people's money and would only invite on bullish Bitcoin experts but never Bitcoin critics.

The Euro Pacific Capital CEO then referred to Grayscale as the biggest Bitcoin buyer, expecting it to turn into the "biggest BTC seller" after "the bubble bursts."

At press time, Bitcoin is trading at the $23,121 level, having reached a new all-time high earlier today.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at