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Grayscale Bitcoin Trust (GBTC) Gained High NAV By Rise in Bitcoin

In economist Peter Schiff’s view, Grayscale promoted BTC on CNBC and boosted BTC’s NAV.GBTC investors paid high premiums to NAV so GBTC could purchase more...
Grayscale Bitcoin Trust (GBTC) Gained High NAV By Rise in Bitcoin © Reuters. Grayscale Bitcoin Trust (GBTC) Gained High NAV By Rise in Bitcoin
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  • In economist Peter Schiff’s view, Grayscale promoted BTC on CNBC and boosted BTC’s NAV.
  • GBTC investors paid high premiums to NAV so GBTC could purchase more Bitcoin.
  • GBTC’s current discount or Premium to NAV is -42.60% for November. 21, 2022.

Economist and chief global strategist, Peter Schiff, shared that “Grayscale Bitcoin Trust (GBTC) was one of the main reasons Bitcoin rallied to $69K.” GBTC advertised on CNBC to get investors to pay huge premiums to NAV. Following that, Grayscale issued new shares at NAV (Net Asset Value) to institutions, then used the proceeds to buy even more Bitcoin (BTC), causing the price to rise even further.

GBTC collects money from institutional investors, generally in US dollars (USD), and used it to purchase BTC directly. In addition to buying BTC from Grayscale, users are also buying shares of Grayscale.

In detail, Grayscale shilled BTC on CNBC and boosted BTC’s NAV. Then it induced individual investors to pay high premiums to NAV. The company then issued new shares to institutions at the net asset value. The proceeds were then used to purchase more BTC, pushing the price even higher.

The parent firm of both the problematic Genesis and the GBTC is Digital Currency Group (DCG). As a result of FTX pressure, Genesis is putting pressure on its parent firm, DCG, endangering GBTC.

GBTC, the largest institutional Bitcoin platform, has recently reached a new low in terms of NAV. GBTC’s current discount or premium to NAV is -42.60% as of November 21, 2022.

There is a compelling argument that 3AC, Genesis, Grayscale, GBTC, and DCG were all working together to maximize profits by inflating demand and price for GBTC.

Grayscale has refused to provide Proof-of-Reserves. Consequently, doubts have emerged in the crypto community concerning the whereabouts of the BTC that are meant to underpin GBTC.

Grayscale has said publicly that it would neither give Proof-of-Reserves nor disclose the on-chain wallet. Grayscale’s twitter thread recently cited security issues in releasing the wallet(s). However, neglecting to provide proof has only increased suspicion about insufficient backing.

The post Grayscale Bitcoin Trust (GBTC) Gained High NAV By Rise in Bitcoin appeared first on Coin Edition.

See original on CoinEdition

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    EUR/USD 1.0343 ↑ Sell  
    GBP/USD 1.1968 ↑ Sell  
    USD/JPY 138.77 Neutral  
    AUD/USD 0.6650 ↑ Sell  
    USD/CAD 1.3484 ↑ Buy  
    EUR/JPY 143.54 ↑ Sell  
    EUR/CHF 0.9818 Neutral  
    Gold 1,741.00 ↑ Buy  
    Silver 20.905 ↑ Buy  
    Copper 3.6015 ↑ Sell  
    Crude Oil WTI 76.55 ↑ Buy  
    Brent Oil 83.24 ↑ Buy  
    Natural Gas 7.135 ↑ Sell  
    US Coffee C 163.02 Buy  
    Euro Stoxx 50 3,935.51 ↑ Sell  
    S&P 500 3,963.94 ↑ Buy  
    DAX 14,383.36 ↑ Sell  
    FTSE 100 7,474.02 ↑ Sell  
    Hang Seng 17,297.94 ↑ Sell  
    Small Cap 2000 1,830.31 ↑ Buy  
    IBEX 35 8,323.20 ↑ Sell  
    BASF 48.910 Neutral  
    Bayer 55.75 ↑ Buy  
    Allianz 203.80 ↑ Buy  
    Adidas 121.26 ↑ Sell  
    Lufthansa 7.528 ↑ Sell  
    Siemens AG 131.54 ↑ Sell  
    Deutsche Bank AG 10.206 ↑ Sell  
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# So hôm qua # Chênh TG
SJC Eximbank6,640/ 6,710
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(0/ 0) # 1,535
SJC Hanoi6,665/ 6,747
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(0/ 0) # 1,537
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