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Ordeal is a severe test, trial or difficult or painful experience. If you describe an experience or situation as an ordeal, you think it is difficult and stressful. It just looks like Peter Schiff’s everyday job is to subjectively and objectively analyze BTC to the extent of an ordeal. The good thing is Bitcoin is able to pass all these questioning FUD and acid tests, which all lead to it reinstating that BTC is the best.
Peter Schiff recently shared: Bad news for Bitcoin. Cathie D Wood’s $ARKK fell another 5% today, hitting a new 52-week low, 50% below its Feb. 2021 high. $GBTC closed down another 4.5%. It’s now 48% below its Feb 2021 high, trading at a 23.5% discount to NAV. Speculators are taking their chips off the table.
Community Response: Why does it always have to be about Bitcoin? So many projects have made great investments in this space, and I only hear is Bitcoin.
Bitcoin is still up massively over gold over the last decade. When are you going to start buying finally, Peter? I’ve heard you were told to buy bitcoin when it was 10 dollars. Is it true? Is that why you’re so mad at bitcoin? Put your pride to the side and invest in this amazing asset.
Yes, and when Bitcoin falls to $1,000 per coin that will still be true. But it will not make much difference to people who bought their Bitcoin at much higher prices!
Why is that bad news for bitcoin? The GBTC discount is in no way a reflection of bitcoin.
Sure, it is. It shows investors, particularly institutions, are losing interest in Bitcoin. Also, GBTC competes with Bitcoin. Why buy Bitcoin for 42,800 dollars when I can get 10,000 dollars off and buy Bitcoin through GBTC for just $32,800? The discount redirects demand from Bitcoin to GBTC.
Why not buy GBTC? Because it’s lagged BTC performance all year… significantly. Institutions lost interest in that product as soon as it was known that an ETF would get approved. They were only buying it for the arbitrage, to begin with. Simply not a reflection of BTC.
The only reason to buy GBTC now is if you are willing to bet that eventually it gets converted into a spot ETF. Problem is that Gary Gensler has shown no interest in spot ETF approval. So why mess with it?
If Bitcoin has a big rally that discount will narrow. So, you’ll do better in GBTC than Bitcoin. The fact that the discount is falling shows institutional investors no longer expect Bitcoin to rally. That’s a bad sign if you’re counting on institutional demand to push prices up.
Volatility is a good thing, Peter. It creates opportunity. Surely it frustrates the hell out of you seeing gold flat line like a dead donkey right, must-do?
A flat line is better than a down sloping line. Bitcoin’s downtrend will soon go vertical.
Bitcoin pumps Pete goes silent, bitcoin pulls back 1%, and here comes ole Pete with his “world is ending soon” sign.
Not true. Bitcoin rallied to 44K dollars yesterday, and on my Podcast, I urged people to sell that rally before the next dump.
Yup, Peter is right about inflation. But he is dishonest about Bitcoin – he lies, trolls, etc.
Can anyone clearly explain what Bitcoin is, who’s in charge of it? I buy small amounts weekly so I don’t miss out but I literally have no idea what it is.
Bitcoin’s 200 weeks moving average has been up only from the first traded price to date (never fell). Can’t say that about gold.
It’s another normal day for Gold: the shiny metal can’t prove a single monetary transaction, as it has been for the last 5000 years. Then there’s Bitcoin with an immutable ledger for its entire existence cataloguing each coin, each Satoshi, every transaction ever.
A treasure trove of data for governments to mine. Everything everyone has done. Forever. Audit trail. Its opt-in surveillance. Pass.
You do realize your name isn’t on the blockchain, right? You do realize that Bitcoin can keep governments in check, right? You do realize that governments cannot manipulate Bitcoin like they can Gold and fiat RIGHT?! You do realize Bitcoin is incorruptible money, RIGHT?
