Economist and gold bug Peter Schiff says bitcoin still has a long way to fall after the collapse of crypto exchange FTX. He also believes that $10K is the real price of bitcoin, warning that “The lion’s share of the selling has not even started yet.”
Schiff shared his thoughts on the recent performance of Grayscale’s bitcoin trust (GBTC) and its relation to the price of bitcoin. The bitcoin skeptic wrote Friday:
Based on GBTC’s 43% discount to NAV, bitcoin is already trading well below $10K. I think this is the real price of bitcoin, as when you sell GBTC you get paid real cash. But when you sell BTC you get paid tether. To get actual cash for bitcoin you must accept a huge discount.