Sophia

Schiff Criticizes Grayscale’s GBTC

A vocal critic of Bitcoin and the the CEO of Euro Pacific Capital, Peter Schiff, who is also a vocal critic has once again attacked the crypto market accusing one of the biggest firms in the market, Grayscale, of manipulating the price of the digital asset.

Schiff, in his tweet, had wrote that the crypto asset management company is “more interested in manipulating the price of Bitcoin than maximizing shareholder value.” This implies that Grayscale tries to manipulate the BTC market using its GBTC product.

In Schiff’s view, Grayscale has no business in buying the leading crypto asset when its “shares trade at a 13% discount to NAV.”

The accusation came when Grayscale announced that the value of assets under its management rose from $44.9 billion to $45.8 billion. The firm had attributed this growth to the overpayment of institutional buyers.

While other premium products of Grayscale like its  Bitcoin Trust and Ethereum Trust, remained in dip, its LTC and BCH product are gaining aggressively.

Schiff is well renowned for throwing jabs at the crypto market, and this accusation is not the first of its kind. His position has always been against BTC. In January, he attacked the coin and claimed that the asset had reached its peak.

Total
0
Shares
Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
Related Posts