Bitcoin critic Peter Schiff claims Grayscale helps promote the “Bitcoin bubble,” spending lots of money and getting favors from CNBC, Barry Silbert and Pomp disagree.
Vocal Bitcoin hater and gold bug Peter Schiff has accused Barry Silbert’s Grayscale crypto investment fund of helping to “fuel the Bitcoin bubble” and using ads on CNBC for it.
This thread by Schiff came as a response to Barry Silbert’s recent tweet about bringing back the famous Grayscale “Drop Gold” advert to television.
Schiff accuses Grayscale and CNBC
In his recent tweet thread, renowned Bitcoin critic and Euro Pacific Capital CEO, Peter Schiff, has offered a theory of how Grayscale Investments has been helping to promote Bitcoin and push it higher on the price charts.
Image via Twitter
According to his tweets, Grayscale spends a lot of money on Bitcoin adverts on CNBC and the media giant “returns the favor” by inviting Bitcoin supporters on the air. Those people make “pie-in-the-sky price forecasts,” Schiff tweeted, while CNBC does not invite any Bitcoin critics.
Peter Schiff believes that Grayscale has been selling its GBTC shares and then acquiring more Bitcoin, thus putting more pressure on BTC and funding more commercials on CNBC.
As per Schiff, this allows Grayscale to make more profits and get more people to want to gain Bitcoin.
“Grayscale is Bitcoin’s biggest buyer” for now
The Euro Pacific Capital CEO has called Grayscale the biggest Bitcoin buyer. Schiff believes that the company is going to follow its strategy with virus adverts until the BTC bubble pops.
When the demand for the funds BTC shares begin to decline, Schiff wrote, they will start trading at a discount with all the consequences for Bitcoin on the market to follow, turning Grayscale from the biggest buyer into the biggest seller.