Gold

Grayscale Bitcoin Trust

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In a series of social media <a href="https://twitter.com/PeterSchiff/status/1747692623236915749" rel="noopener noreferrer nofollow">posts</a>, Peter Schiff, a well-known critic of Bitcoin, opined on the reasons behind the cryptocurrency's recent underperformance. He pointed to the dynamics between Bitcoin exchange-traded funds (ETFs) and market selling pressures.&nbsp;
<h2 id="the-impact-of-new-etfs">The impact of new ETFs&nbsp;</h2>
Schiff pointed out that the introduction of new Bitcoin ETFs hasn't led to the expected surge in Bitcoin prices.&nbsp;
Instead, the inflows into these ETFs have been counterbalanced by significant outflows from Grayscale's Bitcoin Trust (GBTC) and direct selling of Bitcoin.&nbsp;
Schiff argues that this trend could lead to an even more significant price drop once the initial demand for these ETFs diminishes.&nbsp;
Anthony Scaramucci, founder of SkyBridge Capital, attributes the current downturn in Bitcoin partly to selling pressures from <a href="https://u.today/grayscale-bitcoin-trust-gbtc-discount-keeps-plunging" rel="noopener noreferrer nofollow">GBTC</a> and the fallout from the FTX position.
However, he remains optimistic about the resolution of these selling pressures in the near future.&nbsp;
Notably, on January 16, data revealed that Grayscale Bitcoin Trust (GBTC) transferred 8,730 BTC, valued at approximately $376 million, to Coinbase Prime.
<h2 id="siding-with-dimon">Siding with Dimon&nbsp;</h2>
Schiff also agreed with Jamie Dimon’s skepticism about Bitcoin, stating, "Jamie Dimon is correct that Bitcoin has no value."&nbsp;
He further criticized the comparison of <a href="https://u.today/bitcoin-btc-to-6x-from-here-analyst-shares-reasoning" rel="noopener noreferrer nofollow">Bitcoin</a> to gold, arguing, "Bitcoin has none of gold's unique properties that make it such a valuable and useful metal."&nbsp;
This echoes Dimon's recent advice on CNBC, where he cautioned potential investors, saying, "My personal advice is don't get involved."

Peter Schiff Names Key Reason Behind Bitcoin’s Underperformance

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