For several years, the no-coiner, economist and founder of the company ShiffGold, Peter Schiff, has been one of the most prominent critics of bitcoin (BTC). He misses no opportunity to add a layer of it and persuades bitcoiners to jump ship. In recent months, it is even more audible since the beginning of the crypto market tumble.
Elon Musk’s role in the rally that took BTC to its ATH
Peter Schiff said that Elon Musk was instrumental in bitcoin’s run to $69,000 in November 2021. He noted that in 2020, when BTC was trading around $10,000, Elon Musk posted a “stupid tweet” in which he questioned a man’s inability to choose whether he was or not. to invest in cheap cryptocurrency. According to Schiff, the rally to the ATH started from this tweet.
He indicates that he is still confused by what happened, before quipping about the current state of bitcoin prices. For this purpose, it shows that in one year, the price of BTC in free fall and gradually withdraw its steps, the market is fighting to maintain the support of 16,000 dollars. According to Schiff, if this support is broken, BTC will fall to $12,200.
$10,000: “the true BTC price”?
Peter Schiff also said that he expects the flagship cryptocurrency to trade below the $10,000 very soon. “I think that is the true price of BTC,” he clarified, an analysis based on the financial situation of the Grayscale Bitcoin Trust (GBTC), the largest quality crypto investment vehicle of an institution.
Currently, many analysts believe that the company’s financial situation is at its worst. It is estimated that investors have withdrawn the majority of BTC from the platform. According to the latest updates, GBTC had 634,000 BTC under management.
On November 17, Peter Schiff tweeted “With bitcoin (BTC) trading at $16,700, GBTC shareholders were ready to sell their BTC for the equivalent of $9,500,” before questioning the crypto community: “What does that tell you about the confidence of retail and institutional investors in bitcoin? “.
Also read: GBTC does not want to share proof of its bookings for security reasons
Under pressure from all sides to publish proof of reserves, the company refused to comply with this exercise and was happy to reassure the public that the situation is under control.
“For security reasons, we do not make this type of information public on chain. Whether through crypto proof of reserve or through other crypto advanced accounting procedures (…) We know that this particular point will disappoint some, but the panic that has inspired other entities is not enough reason to change settings complex security that kept the assets of our investors safe for. years,” the company said on Twitter.