"Grayscale Victory Bearish for Bitcoin"- Peter Schiff
$GBTC becoming a spot ETF is actually bearish for #Bitcoin. Traders can buy GBTC now and sell or short #BTC. Once GBTC becomes an ETF, the discount to NAV goes away. Shareholders could then redeem, forcing GBTC to sell BTC into the market, vastly increasing the tradable supply. advertisement — Peter Schiff (@PeterSchiff) August 29, 2023 When the US SEC initially flagged Grayscale’s application for the GBTC over-the-counter, the primary concern was the product’s potential vulnerability to “fraudulent and manipulative acts.” Grayscale, a titan in the crypto realm, was not deterred. Challenging the SEC’s rejection in court, the company now celebrates its success. Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated List Must Read ...