- Peter Schiff has taken it to Twitter for his latest swipe at the world’s most famous cryptocurrency.
- Schiff also takes note to compare GBTC and Bitcoin investors to gold investors.
- The trust is also the first digital investment company to attain the status of a reporting business by the U.S. SEC.
Famous Bitcoin critic, Peter Schiff has taken it to Twitter for his latest swipe at the world’s most famous cryptocurrency, this time aiming the shots at the folks at Grayscale Bitcoin Trust.
It’s interesting that a 3% rise in #Bitcoin causes a 6.5% jump in GBTC. In contract to gold stock investors who are skeptical of every gold rally and are therefore reluctant to buy, GBTC investors are confident that every time Bitcoin rallies a little that it’s about to moon!
— Peter Schiff (@PeterSchiff) March 5, 2020
He tweets that the price of GBTC (Grayscale Bitcoin Trust) goes up by over 6.5% every time Bitcoin goes up by half the rate, at about 3%. He goes on to further snipe at GBTC investors, calling them unsceptical of the market and hoping that Bitcoin is going to moonshot with every rise in price.
Schiff also takes note to compare GBTC and Bitcoin investors to gold investors, whom he claims are much more critical of rallies in the mineral’s price rather than directly making investments at every opportunity.
This is a rather foolish condemnation of investment to be made by Schiff since Bitcoin has proven to be much more of a well-performing asset than gold has been, for a long time now, and with the level of price volatility that Bitcoin portrays.
It makes a lot of sense why investment currencies like GBTC would double in value with ever-increasing in Bitcoin price, as the demand for the cryptocurrency increases, and out of the “fear of missing out,” investors try jumping on the bandwagon to make profits.
Peter Schiff has been known to be a strong Bitcoin and cryptocurrency critic due to its strong competition to gold, which Schiff is a huge investor in. The gold bug has made several negative remarks about cryptocurrencies at every opportunity he has gotten with some even speculating, he has a hand in manipulating the cryptocurrency market with his critical comments.
The Grayscale Bitcoin Trust (GBTC) is a digital currency that acts as a share investment for a portion of Bitcoin. This means that for every share of GBTC invested in, it is worth a certain amount of Bitcoin per share.
The trust is also the first digital investment company to attain the status of a reporting business by the U.S. SEC. GBTC is considered a physically-backed by Bitcoin, exchange-traded fund.