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.
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.
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