Just at the time when Peter Schiff’s anti-Bitcoin rant continues, financial institutions and investors continue to double down their bets on BTC.
However, Schiff continues to rejoice in the fact that Bitcoin (BTC) hasn’t yet moved past $20,000. He still hints at the possibility of a double-top at this point and expects a possible correction.
Investors Peter Schiff might be right based on his market experience and the study of charts, however, he simply seems to be refusing to acknowledge the fact that Bitcoin is already trading at a 160% premium year-to-date. Even if Bitcoin goes to correct say 30% as per its historical trends, it will still end up with 100% gains from the beginning of 2020 and over 200% gains from its March 2020 lows.
Grayscale’s Drop Gold Campaign Triggers Peter Schiff Even More
Digital asset manager Grayscale has witnessed massive inflows to its Grayscale Bitcoin Trust (GBTC) which now manages $10.5 billion worth of assets under management. Recently, even big financial giants like Guggenheim are planning to invest in Bitcoin through GBTC.
Well, this has triggered Peter Schiff the most who has gone on an all-out attack suggesting how beneficial it is to buy Gold mining stocks rather than GBTC shares.
Interestingly, while gold has appreciated around 30% year-to-date, Bitcoin is trading at a 160% premium. Even the GBTC shares (OTCMKTS: GBTC) are trading at a 200% premium and the MicroStrategy stock (NASDAQ: MSTR) is trading at a 120% premium year to date.