Community Trust ScoreLikely Real
There is a saying “Don’t Criticize what you can’t understand.” Peter Schiff criticizes Bitcoin every other day. The result is that the community reacts and there is more clarity about the reality of BTC.
Peter Schiff shared: “Why buy Bitcoin in the market when you can buy all the Bitcoin you want through GBTC for 73 cents on the dollar? If institutions are buying Bitcoin, why are those already invested in GBTC so desperate to get out and why don’t other institutions want to buy at a discount?”
For clarity, GBTC is a trust that holds bitcoin, but trades like a closed-end fund. Therefore, it can trade at a huge discount or premium to the underlying price to bitcoin, which can either enhance or detract from an investor’s total return.
GBTC’s permits investors to get Bitcoin exposure at below-market prices. When GBTC traded at a premium, investors paid as much as twice the market price of Bitcoin to gain access to the cryptocurrency via the fund. So, it seems like GBTC does not contribute to price advantage.
Community Response: Because, Bitcoin is the best performing asset of the decade and is well on its way to replacing gold. It’s secure and decentralized – the government can’t take it from you like they can gold bars.
Yes, but Bitcoin is one of the worst-performing assets over the past three months. If that recent trend continues it will become one of the worst-performing assets of this decade. The gains over the last decade don’t help people buying it now.
Why are you taking a small-time period? You can check us 10 years may be starting from 1990, which one is better? I guess the capitals you are representing see the cryptocurrencies as a threat to their existence and dominance.
Cause and effect. If the Central Banks suppress the gold nearly for half-century, then people will find a solution to dealing with fraudulent Central Bank owners. They are just printing money without a counterpart.
The first part is getting rid of big capitals that suck our blood and take the big portion of the surplus. They have to distribute it to proletarians. Sorry to talk like Marx, but it’s true. When the Leviathan crosses the borders of humanity, people take their consent and give it to Just ones.
I’m convinced you say these things so we all just shake our heads at you. 3 months? Three months isn’t a store of value, Peter.
He gets more engagement from bashing BTC than he can do anything else. Peter agrees with all the problems, but either doesn’t want to or is so technically challenged that he can’t understand why blockchain is the future. He is great at Austrian economic theory.
I know more about Bitcoin than you do. Those returns are annual. So, for the three years, you need to multiply by three and for the five years by five to get the total return over the period.
Yes, but Bitcoin is one of the worst-performing assets over the past three months. If that recent trend continues, it will become one of the worst-performing assets of this decade. The gains over the last decade, don’t help people buying it now.
Peter, you can’t launder billions of fiat – through the markets leaving traces all over the place. You need the weekend for that through the Tether. You know USDT facilitates precisely this method through Bitfinex Binance and FTX right?
Bitcoin is nothing, but hype. It consumes too much energy. There are many cryptos that are better like XRP, XLM, ALGORAND, IOTA, and XDC.
Agreed GBTC may be a better buy than spot BTC given the discount. Once spot ETF gets approved and GBTC converts into spot, the discount should go to 0. Given how cheap it is to borrow BTC, long GBTC and short spot, BTC should be the trade of the year.
Bitcoin on the weekly is simple: Close below $39.5k, expect $30k-$32k. Close above $39.5k, expect a move to the upside (at least an LH).
