The gold bug sees a window of opportunity and strikes back at the crypto world. Peter Schiff, the well-known Bitcoin cynic and Gold advocate, has raised his head out of the slump and sparked a massive sensation in the crypto world once again. Schiff has been trolled in the past by Bitcoiners for his abrasive commentary on the crypto transition and his pro-gold remarks. However, this time the Gold aficionado seems to be taking a different position.
In a recent tweet, Schiff accused Grayscale of manipulating the price value of the flagship cryptocurrency. He claims that the largest Bitcoin holder in the world is trying to affect the rates of the leading coin in the market to make more profit in premiums. The CEO of Euro Pacific Capital says that Grayscale is using GBTC product as a cover to get personal price leverage in the market.
Peter Schiff is now Advocating for the Benefit of the Crypto Holders
While father Schiff has always maintained a strict stance towards digital assets and DeFi, the junior Schiff has been bit by the Bitcoin bug. Spencer Schiff has reportedly decided to move 100 percent of his reserves into Bitcoin. While the decision does not sit well with Schiff senior, he cannot help but put his best efforts to reserve the wealth within the family. The 13.88 percent discount to Net Asset Value (NAV) of GBTC does not sit well with Schiff.
Peter Schiff claimed in his recent tweet that Grayscale does not have any interest in increasing the overall value of the GBTC shares. It seems to be more concerned with charging the clients with extra cash. Grayscale has been able to purchase Bitcoin for a lower price the investors who want to gain exposure to the digital assets have to purchase it many times higher.
Schiff Calls out Michael Saylor to a Debate
Peter Schiff’s last remark about lowering the position of Grayscale shares has once again put him under the line of critic by the Bitcoin Community on social media. In a slew of complaining tweets, the Gold bug tagged MicroStrategy CEO Michael Saylor and invited him for a debate on the position of cryptocurrencies. It seems that he has not been too happy about the recent TV debate with another Gold evangelist Frank Giustra, who is also a Bitcoin cynic.
Thus far, Saylor has not graced the tweet with a response, but the Bitcoin community is raving up to induce the infamous Bitcoiner to accept the challenge. It seems that Schiff has been preparing for this sparring for quite some time and worded his tweet in a very formidable manner. Many people and institutional investors would be looking forward to such a clash among the trade titans.