Goldbug and Crypto Sceptic Peter Schiff Says Bitcoin Will Fall to This Level, More Selling to Come
The arch-bitcoin (BTC) skeptic Peter Schiff has said that BTC's actual price is much lower than what we're currently seeing, that it will drop significantly more, and that bitcoin mania is "over".
Last week, in a Twitter thread, Schiff shared his opinion on recent Grayscale’s bitcoin trust (GBTC) performance, focusing on the net asset value (NAV), and what that means for the price of bitcoin.
And according to him, it means that BTC is trading "well below" $10,000 already.
"I think this is the real price of Bitcoin, as when you sell GBTC you get paid real cash. But when you sell BTC you get paid Tether. To get actual cash for Bitcoin you must accept a huge discount."
As expected he was (again) heavily criticized for his posts by the crypto community, some of which jokingly claimed that Schiff himself is a BTC buyer looking for sellers. Others are 'begging' the crypto critic to let them know when and where they can buy BTC below $10,000.
That said, Schiff continued urging people to abandon the world's most popular crypto, saying:
"GBTC is trading at a 46% discount now. New record. Something is definitely going on. Bitcoin is in real trouble. Get out while you can!"
He went on to discuss possible reasons behind the lower NAV, saying that GBTC may have loaned out its bitcoin and the borrower can't repay the loan, or the BTC was stored with a custodian who lost it - but that the NAV could be "really a lot lower."
On their side, cryptoasset manager Grayscale Investments stated on Friday that "the laws, regulations, and documents that define Grayscale's digital asset products prohibit the digital assets underlying the products from being lent, borrowed, or otherwise encumbered."
All digital assets that underlie Grayscale’s digital
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