Euro Pacific Capital CEO Peter Schiff is now training his guns on Grayscale Trust’s GBTC after the validation of his regular anti-bitcoin rhetoric was cut short by a resurgent crypto market. After rapidly falling to around $16,500 on November 26, BTC quickly recovered before it went on to set a new all-time high of $19,864 on November 30, 2020.
Schiff Alleges a Conspiracy
Realising that his long-standing rhetoric against BTC is not bearing fruit, Schiff now accuses Grayscale of fueling the bitcoin bubble through its paid for commercials on CNBC. Schiff claims the adverts are intended to “pump bitcoin to investors.”
The Euro Pacific Capital CEO then details how CNBC is supposedly colluding with pro-bitcoin analysts to help the cause of the digital asset. Explaining the conspiracy, Schiff alleges that after receiving the payments for the advertisements, “CNBC then returns the favour by constantly featuring pro-Bitcoin guests on-air, who make pie-in-the-sky price forecasts.”
Furthermore, Schiff, in his December 1 Twitter thread, claims CNBC is keeping “bitcoin skeptics off its air.” Despite the bold accusations, Schiff does not say if he himself or any known critic has been denied air time by that media outlet.
Still, continuing his allegations against Grayscale, Schiff claims:
This constant one-sided pumping results in GBTC trading at a large premium to its NAV, allowing Grayscale to create new shares of GBTC that it promptly sells into the market for an instant profit.
According to Schiff, the proceeds from the sale of new shares are then used to “buy even more BTC in the market (thus) putting additional upward pressure on bitcoin’s price.” At the same time, the profit earned from the sale of Grayscale shares is then used to fund more commercials, alleges Schiff.
Schiff, who seems to relish attacks from bitcoiners, insists Grayscale’s “pumping” of BTC will come to halt once “GBTC…