Famous economist Peter Schiff, nicknamed the “Golden Bug”, suggested that the factor that brought Bitcoin (BTC) to an all-time high (ATH) of $ 69,000 was the Grayscale Bitcoin Trust (GBTC).
Known for his anti-Bitcoin and gold advocacy Peter Schiffannounced the biggest factor that brought Bitcoin to its historical peak. The biggest factor behind a bull rally, according to Schiff grayscale released by bitcoin fund GBTC it happened. Supporting this thesis with a special scheme used by the institutional investor, the billionaire claimed that the funds were used for the purchase of Bitcoin in the retail.
according to Schiff GBTCwilling to pay “large” premiums to the trust’s net asset value retail of investors to get your attention on CNBC actively introduced. Then, attracting retail funds, Grayscale issued more shares to institutions and used the proceeds to buy Bitcoin. This directly pushed the price to new heights.
Although Grayscale’s fund attracted a significant amount of buyers due to its attractive appearance in the early periods, there was an imbalance between the number of shares and the net asset value of the trust over time. GBTC vastly underperformed against Bitcoin’s spot price, and the gap in question 40%exceeded .
Compared to Bitcoin according to the latest data 43% GBTC sold at a discount, certain investment and time constraints Due to the decrease in price, it still does not attract the attention of investors.
On the other hand, Ark Invest of US investor Cathie Wood, which came to the fore with its investments in crypto companies and funds, continues to receive GBTC funds regularly for a long time. Investment firm latest today 176,945 GBTC shares announced that he had