Peter Schiff Warns: “Those Who Do This Are Putting Selling Pressure On Bitcoin (BTC)!”

Bitcoin (BTC) Gold advocate Peter Schiff, who has often reacted against the crypto money community with his anti-war statements, shared an important factor that he thinks will cause selling pressure in the BTC price.

According to Schiff, some investors sell the Bitcoins they hold and instead buy from Grayscale’s GBTC product.

Grayscale’s GBTC product provides institutional investors exposure to the BTC price without physically purchasing BTC.

“Who Sells Bitcoin and Buys GBTC Creates Selling Pressure on BTC Price”

Schiff believes that investors selling their BTC and buying GBTC will put selling pressure on Bitcoin. The famous analyst expressed his thoughts as follows:

“It seems that some investors may be buying GBTC and selling Bitcoin. If so, this would put a lot of selling pressure on Bitcoin given GBTC’s current 47% discount to Net Asset Value. At this point, GBTC is also an important competitor against BTC, as it diverts purchases from BTC to GBTC.”

It looks like some investors may be buying $GBTC and selling #Bitcoin. If so, given GBTC’s current 47% discount to NAV, that will put a lot of selling pressure on Bitcoin. At this point GBTC is also a major competitor for Bitcoin, as it diverts buying away from Bitcoin to GBTC.

— Peter Schiff (@PeterSchiff) December 22, 2022

Schiff, who criticizes BTC at every opportunity he gets, replied to those who claim to know nothing about BTC in another statement he made a short time ago:

“The Bitcoin HODL crew accuse me of not understanding BTC. They think that if I take the time to learn about the underlying technology, I’ll adopt it. But the truth is, I understand BTC much better than the people who own it. That’s why I don’t embrace it.”

Peter Schiff announced that he owned BTC in 2020, but all his assets were lost because his wallet was somehow corrupted.

*Not investment advice.