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Peter Schiff Accuses Grayscale of Manipulating Bitcoin Market, Here's Why

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Thu, 04/22/2021 - 12:55
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Yuri Molchan
Prominent Bitcoin critic Peter Schiff has accused Grayscale of manipulating Bitcoin using its GBTC product; he has also challenged MicroStrategy CEO to an online debate
Peter Schiff Accuses Grayscale of Manipulating Bitcoin Market, Here's Why
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CEO of Euro Pacific Capital, gold bug and continuous Bitcoin critic Peter Schiff has taken to Twitter to pour another portion of scorn onto the biggest Bitcoin buyer, Grayscale Investments, a subsidiary of Barry Silbert's Digital Currency Group.

He stated that the company is interested in manipulating the Bitcoin price rather than being useful to its clients. According to Schiff, Grayscale tries to manipulate the BTC market using its GBTC product.

Schiff attacks GBTC discount yet again

The gold bug has tweeted yet again, doubting Grayscale's intentions for buying Bitcoin, since its major product, GBTC, is now trading at a 13.88 percent discount to NAV.

That was his comment to a recent post in which the company shared that it had acquired almost a billion dollars in crypto in 24 hours on April 21.

Schiff opined that Grayscale is more interested in manipulating the BTC price than satisfying its clients since it charges them extra cash, giving them exposure to Bitcoin and other cryptocurrencies at a premium.

For Litecoin and Bitcoin Cash, the premiums are extremely high and constitute 859.42 percent for LTC and 238.69 percent for BCH, accordingly.

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As reported by U.Today previously, Schiff had stated that the decline in the GBTC premium signifies the dropping interest of investors in Bitcoin.

Related
Grayscale Adds $1 Billion In Crypto in 24 Hours, While LTC and BCH Premiums Skyrocket

Peter Schiff dares Michael Saylor to debate him

Earlier today, the Euro Pacific Capital CEO tagged the MicroStrategy chief Michael Saylor, challenging the prominent Bitcoin evangelist to debate about Bitcoin with him.

A day before that, Saylor participated in a TV show in which he debated about Bitcoin with Frank Giustra, a gold fan and BTC critic.

Michael Saylor did not respond to the challenge.

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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 yuri.molchan@u.today.