Potential Losses Bitcoin (BTC) Poses to Grayscale Are Huge: Peter Schiff

News
Tue, 04/21/2020 - 15:00
Yuri Molchan
Bitcoin hater Peter Schiff claims that Bitcoin has a potential to bring huge losses to the Grayscale Bitcoin Trust and to the whole crypto market
Cover image via twitter.com

The vocal Bitcoin critic Peter Schiff continues his tirade against Bitcoin in connection with yesterday’s crude oil futures plunge.

First, he trolled Bitcoin fans who boasted that Bitcoin has never fallen below zero as oil did on Monday. That’s right, Schiff stated, saying that Bitcoin indeed can lose one hundred percent of its value and nothing more.

Now, he goes at Bitcoin enthusiasts again for telling him about the USO (a popular oil ETF) falling twenty percent after the oil price collapse. Bitcoin fans were giving it to Schiff as an example of how unexpectedly volatile old-school assets can get.

Related
Bitcoin’s (BTC) Downside Risk Limited to 100 Percent Unlike Oil: Peter Schiff

In response, Peter Schiff says that Bitcoin poses huge potential losses for the Grayscale Bitcoin Trust – one of the biggest investment funds of Wall Street. The same threat exists from BTC to the whole crypto market, he adds.

As recently reported by U.Today, Grayscale holds 1.7 percent of the BTC supply in circulation. That is around 360,000 BTC. Popular crypto educator IvanOnTech believes that since there are several funds like it and, all-in-all, Wall Street may be holding up to 5 percent of the circulating BTC supply - 900,000 BTC.

As per a recent report issued by Grayscale, the fund has raised $1.68 bln since its launch in 2013 and attracted 30 percent of that amount in Q1 2020.

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Yuri is a 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. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy