{"id":549379,"date":"2023-08-30T09:40:00","date_gmt":"2023-08-30T09:40:00","guid":{"rendered":"https:\/\/wncen.com\/?p=549379"},"modified":"2024-06-11T08:15:15","modified_gmt":"2024-06-11T08:15:15","slug":"grayscale-bitcoin-price","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/","title":{"rendered":"Renowned Economist Explains Why Grayscale\u2019s Win Is Not Good For Bitcoin Price"},"content":{"rendered":"<p><span style=\"font-weight: 400\">One of the major highlights of <\/span><a href=\"https:\/\/wncen.com\/breaking-news-ticker\/breaking-grayscale-triumph-sec-crushed-gbtc-rockets-towards-etf-bitcoin-targets-28000\/\"><span style=\"font-weight: 400\">Grayscale\u2019s victory<\/span><\/a><span style=\"font-weight: 400\"> over the US Securities and Exchange Commission (SEC) was its positive effect on Bitcoin\u2019s price. However, renowned economist Peter Schiff has explained why Grayscale\u2019s win may not be good for Bitcoin in the long run.\u00a0<\/span><\/p>\n<h2>A GBTC ETF \u2018Bearish\u2019 For Bitcoin<\/h2>\n<p><span style=\"font-weight: 400\">Schiff <\/span><a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/04109439?s=20\" rel=\"nofollow\"><span style=\"font-weight: 400\">tweeted<\/span><\/a><span style=\"font-weight: 400\"> that the GBTC fund becoming a spot ETF (Exchange-traded Fund) is \u201cactually bearish\u201d for the flagship cryptocurrency as he said this move could potentially increase Bitcoin\u2019s \u201ctradable supply.\u201d<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/ripple-2\/ripple-party-sec\/\">Party In The USA: Ripple Gets Ready To Properly Celebrate Triumph Over SEC<\/a><\/div>\n<p><span style=\"font-weight: 400\">If approved, investors in the GBTC fund will now be able to redeem their Bitcoin, which Schiff has highlighted is bad for Bitcoin\u2019s price and the market as GBTC will have to sell BTC into the market, thereby increasing the tradable supply.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Schiff\u2019s concern probably stems from the fact that GBTC <\/span><a href=\"https:\/\/www.cnbc.com\/2022\/05\/11\/grayscale-tells-sec-that-turning-biggest-bitcoin-fund-into-etf-will-unlock-8-billion-for-investors.html\" rel=\"nofollow\"><span style=\"font-weight: 400\">reportedly<\/span><\/a><span style=\"font-weight: 400\"> owns over 3% of Bitcoin\u2019s circulating supply, so a sell-off due to redemptions could significantly impact the market, causing Bitcoin\u2019s price to reduce.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, other X (formerly Twitter) users quickly pointed out that other ETF applications will likely be approved alongside Grayscale\u2019s application. As such, there will be enough demand to balance out the increase in supply that could result from Grayscale\u2019s redemptions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Grayscale had <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/grayscale-met-with-the-sec-tried-to-convince-them-to-turn-the-gbtc-into-an-etf\/\"><span style=\"font-weight: 400\">applied<\/span><\/a><span style=\"font-weight: 400\"> to the SEC to convert its GBTC fund into a Spot Bitcoin ETF. However, the regulator rejected the application, leading Grayscale to file a <\/span><a href=\"https:\/\/wncen.com\/bitcoin-news\/grayscale-spot-bitcoin-etf\/#:~:text=Bitcoin%20Targets%20%2428%2C000-,The%20%2420%20Billion%20Delay%3A%20Appeal%20Court%20Pushes%20Back,On%20Grayscale%20Spot%20Bitcoin%20ETF&amp;text=The%20D.C.%20Circuit%20Court%20of,do%20so%20on%20August%2018.\"><span style=\"font-weight: 400\">lawsuit<\/span><\/a><span style=\"font-weight: 400\"> against the SEC, stating that the Commission acted arbitrarily and capriciously in its disapproval order.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Following the Appeal court\u2019s ruling in favor of Grayscale, the SEC now has to review the asset manager\u2019s application again with the possibility of an approval higher this time. This is because Grayscale has been able to establish before the court that it should enjoy the same treatment given to Bitcoin Futures ETF which the Commission has had no problem approving.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/WS3XNaBs\/\" alt=\"Bitcoin price chart from Tradingview.com (Grayscale)\" width=\"2884\" height=\"1746\"><\/p>\n<pre style=\"text-align: center\">BTC price holds above $27,400 as euphoria spreads | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/pre>\n<h2>The SEC\u2019s Next Steps<\/h2>\n<p><span style=\"font-weight: 400\">Legal expert Jake Chervinsky also chimed in to <\/span><a href=\"https:\/\/twitter.com\/jchervinsky\/status\/99363201?s=20'\" rel=\"nofollow\"><span style=\"font-weight: 400\">state<\/span><\/a><span style=\"font-weight: 400\"> that the court delivered a \u201chuge embarrassment\u201d for the SEC. As to the next steps that the regulator might take, Chervinsky highlighted four theories.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Firstly, he believes the SEC could just pick another reason to deny Grayscale\u2019s proposal, which could lead to another long-running legal battle between both parties. Apparently, the court had ruled that the Commission didn\u2019t provide sufficient reason to deny Grayscale\u2019s application as it faulted the \u201csignificant market\u201d test size as wrong.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">His second theory is that the SEC will choose to abide by the court\u2019s decision and use that as an excuse to drop its \u201canti-ETF position.\u201d\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-fall-to-10000\/\">Bloomberg Expert Analyst Explains Why A Fall To $10,000 Isn\u2019t Bad For Bitcoin<\/a><\/div>\n<p><span style=\"font-weight: 400\">Furthermore, the legal expert noted that the SEC may have no choice but to approve the pending ETF applications as there is \u201cpolitical pressure\u201d on the SEC. According to him, the world\u2019s largest asset manager, BlackRock, and its CEO, Larry Fink, are lobbying for their application to be approved.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Lastly, Chervinsky believes that the SEC\u2019s Chair Gary Gensler could use this to spin the <\/span><a href=\"https:\/\/wncen.com\/crypto\/bittrex-sec-reach-settlement\/\"><span style=\"font-weight: 400\">anti-crypto narrative<\/span><\/a><span style=\"font-weight: 400\"> by approving these ETFs to show that the Commission is willing to approve products that abode by their regulations.\u00a0<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Featured image from iStock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>One of the major highlights of Grayscale\u2019s victory over the US Securities and Exchange Commission (SEC) was its positive effect on Bitcoin\u2019s price. However, renowned economist Peter Schiff has explained why Grayscale\u2019s win may not be good for Bitcoin in the long run.\u00a0 A GBTC ETF \u2018Bearish\u2019 For Bitcoin Schiff tweeted that the GBTC fund becoming a spot ETF (Exchange-traded Fund) is \u201cactually bearish\u201d for the flagship cryptocurrency as he said this move could potentially increase Bitcoin\u2019s \u201ctradable supply.\u201d Related Reading: Party In The USA: Ripple Gets Ready To Properly Celebrate Triumph Over SEC If approved, investors in the GBTC fund will now be able to redeem their Bitcoin, which Schiff has highlighted is bad for Bitcoin\u2019s price and the market as GBTC will have to sell BTC into the market, thereby increasing the tradable supply.\u00a0 Schiff\u2019s concern probably stems from the fact that GBTC reportedly owns over 3% of Bitcoin\u2019s circulating supply, so a sell-off due to redemptions could significantly impact the market, causing Bitcoin\u2019s price to reduce. However, other X (formerly Twitter) users quickly pointed out that other ETF applications will likely be approved alongside Grayscale\u2019s application. As such, there will be enough demand to balance out the increase in supply that could result from Grayscale\u2019s redemptions.\u00a0 Grayscale had applied to the SEC to convert its GBTC fund into a Spot Bitcoin ETF. However, the regulator rejected the application, leading Grayscale to file a lawsuit against the SEC, stating that the Commission acted arbitrarily and capriciously in its disapproval order.\u00a0 Following the Appeal court\u2019s ruling in favor of Grayscale, the SEC now has to review the asset manager\u2019s application again with the possibility of an approval higher this time. This is because Grayscale has been able to establish before the court that it should enjoy the same treatment given to Bitcoin Futures ETF which the Commission has had no problem approving.\u00a0 BTC price holds above $27,400 as euphoria spreads | Source: BTCUSD on Tradingview.com The SEC\u2019s Next Steps Legal expert Jake Chervinsky also chimed in to state that the court delivered a \u201chuge embarrassment\u201d for the SEC. As to the next steps that the regulator might take, Chervinsky highlighted four theories. Firstly, he believes the SEC could just pick another reason to deny Grayscale\u2019s proposal, which could lead to another long-running legal battle between both parties. Apparently, the court had ruled that the Commission didn\u2019t provide sufficient reason to deny Grayscale\u2019s application as it faulted the \u201csignificant market\u201d test size as wrong.\u00a0 His second theory is that the SEC will choose to abide by the court\u2019s decision and use that as an excuse to drop its \u201canti-ETF position.\u201d\u00a0 Related Reading: Bloomberg Expert Analyst Explains Why A Fall To $10,000 Isn\u2019t Bad For Bitcoin Furthermore, the legal expert noted that the SEC may have no choice but to approve the pending ETF applications as there is \u201cpolitical pressure\u201d on the SEC. According to him, the world\u2019s largest asset manager, BlackRock, and its CEO, Larry Fink, are lobbying for their application to be approved.\u00a0\u00a0 Lastly, Chervinsky believes that the SEC\u2019s Chair Gary Gensler could use this to spin the anti-crypto narrative by approving these ETFs to show that the Commission is willing to approve products that abode by their regulations.\u00a0 Featured image from iStock, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":549385,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,1119,1873,7523,89192,3799],"class_list":["post-549379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-btc","tag-economist","tag-grayscale","tag-grayscale-news","tag-sec"],"acf":[],"yoast_head":"\n<title>Renowned Economist Explains Why Grayscale\u2019s Win Is Not Good For Bitcoin Price<\/title>\n<meta name=\"description\" content=\"Renowned economist Peter Schiff has explained why Grayscale\u2019s win may not be good for Bitcoin in the long run.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Renowned Economist Explains Why Grayscale\u2019s Win Is Not Good For Bitcoin Price\" \/>\n<meta property=\"og:description\" content=\"Renowned economist Peter Schiff has explained why Grayscale\u2019s win may not be good for Bitcoin in the long run.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-30T09:40:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T08:15:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1220738671-1.jpg?fit=1253%2C836\" \/>\n\t<meta property=\"og:image:width\" content=\"1253\" \/>\n\t<meta property=\"og:image:height\" content=\"836\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Matherson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/MathersonScott\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Scott Matherson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/\"},\"author\":{\"name\":\"Scott Matherson\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/b728e21249a8147d980445b0ee98f18d\"},\"headline\":\"Renowned Economist Explains Why Grayscale\u2019s Win Is Not Good For Bitcoin Price\",\"datePublished\":\"2023-08-30T09:40:00+00:00\",\"dateModified\":\"2024-06-11T08:15:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/\"},\"wordCount\":566,\"publisher\":{\"@id\":\"https:\/\/wncen.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1220738671-1.jpg?fit=1253%2C836\",\"keywords\":[\"bitcoin\",\"Bitcoin news\",\"btc\",\"economist\",\"grayscale\",\"Grayscale News\",\"sec\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\/\/wncen.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/\",\"url\":\"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/\",\"name\":\"Renowned Economist Explains Why Grayscale\u2019s Win Is Not Good For Bitcoin Price\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1220738671-1.jpg?fit=1253%2C836\",\"datePublished\":\"2023-08-30T09:40:00+00:00\",\"dateModified\":\"2024-06-11T08:15:15+00:00\",\"description\":\"Renowned economist Peter Schiff has explained why Grayscale\u2019s win may not be good for Bitcoin in the long run.\u00a0\",\"breadcrumb\":{\"@id\":\"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/#primaryimage\",\"url\":\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1220738671-1.jpg?fit=1253%2C836\",\"contentUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1220738671-1.jpg?fit=1253%2C836\",\"width\":1253,\"height\":836,\"caption\":\"Gold bars and Bitcoin cryptocurrency financial concept\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/wncen.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Renowned Economist Explains Why Grayscale\u2019s Win Is Not Good For Bitcoin Price\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/wncen.com\/#website\",\"url\":\"https:\/\/wncen.com\/\",\"name\":\"NewsBTC\",\"description\":\"Bitcoin &amp; Cryptocurrency News Today\",\"publisher\":{\"@id\":\"https:\/\/wncen.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/wncen.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/wncen.com\/#organization\",\"name\":\"NewsBTC\",\"url\":\"https:\/\/wncen.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46\",\"contentUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46\",\"width\":157,\"height\":46,\"caption\":\"NewsBTC\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/newsbtc\",\"https:\/\/x.com\/newsbtc\",\"https:\/\/www.youtube.com\/channel\/UC9v9erBEru5y4c3FA0wehEw\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/b728e21249a8147d980445b0ee98f18d\",\"name\":\"Scott Matherson\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g\",\"caption\":\"Scott Matherson\"},\"description\":\"Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.\",\"sameAs\":[\"https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott\"],\"url\":\"https:\/\/wncen.com\/author\/mathersonscott1\/\"}]}<\/script>\n","yoast_head_json":{"title":"Renowned Economist Explains Why Grayscale\u2019s Win Is Not Good For Bitcoin Price","description":"Renowned economist Peter Schiff has explained why Grayscale\u2019s win may not be good for Bitcoin in the long run.\u00a0","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/","og_locale":"en_US","og_type":"article","og_title":"Renowned Economist Explains Why Grayscale\u2019s Win Is Not Good For Bitcoin Price","og_description":"Renowned economist Peter Schiff has explained why Grayscale\u2019s win may not be good for Bitcoin in the long run.\u00a0","og_url":"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/","og_site_name":"NewsBTC","article_publisher":"https:\/\/www.facebook.com\/newsbtc","article_published_time":"2023-08-30T09:40:00+00:00","article_modified_time":"2024-06-11T08:15:15+00:00","og_image":[{"width":1253,"height":836,"url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1220738671-1.jpg?fit=1253%2C836","type":"image\/jpeg"}],"author":"Scott Matherson","twitter_card":"summary_large_image","twitter_creator":"@https:\/\/twitter.com\/MathersonScott","twitter_site":"@newsbtc","twitter_misc":{"Written by":"Scott Matherson","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/#article","isPartOf":{"@id":"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/"},"author":{"name":"Scott Matherson","@id":"https:\/\/wncen.com\/#\/schema\/person\/b728e21249a8147d980445b0ee98f18d"},"headline":"Renowned Economist Explains Why Grayscale\u2019s Win Is Not Good For Bitcoin Price","datePublished":"2023-08-30T09:40:00+00:00","dateModified":"2024-06-11T08:15:15+00:00","mainEntityOfPage":{"@id":"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/"},"wordCount":566,"publisher":{"@id":"https:\/\/wncen.com\/#organization"},"image":{"@id":"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/#primaryimage"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1220738671-1.jpg?fit=1253%2C836","keywords":["bitcoin","Bitcoin news","btc","economist","grayscale","Grayscale News","sec"],"articleSection":["Cryptocurrency Market News"],"inLanguage":"en-US","copyrightYear":"2023","copyrightHolder":{"@id":"https:\/\/wncen.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/","url":"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/","name":"Renowned Economist Explains Why Grayscale\u2019s Win Is Not Good For Bitcoin Price","isPartOf":{"@id":"https:\/\/wncen.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/#primaryimage"},"image":{"@id":"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/#primaryimage"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1220738671-1.jpg?fit=1253%2C836","datePublished":"2023-08-30T09:40:00+00:00","dateModified":"2024-06-11T08:15:15+00:00","description":"Renowned economist Peter Schiff has explained why Grayscale\u2019s win may not be good for Bitcoin in the long run.\u00a0","breadcrumb":{"@id":"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/#primaryimage","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1220738671-1.jpg?fit=1253%2C836","contentUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1220738671-1.jpg?fit=1253%2C836","width":1253,"height":836,"caption":"Gold bars and Bitcoin cryptocurrency financial concept"},{"@type":"BreadcrumbList","@id":"https:\/\/wncen.com\/news\/grayscale-bitcoin-price\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/wncen.com\/"},{"@type":"ListItem","position":2,"name":"Renowned Economist Explains Why Grayscale\u2019s Win Is Not Good For Bitcoin Price"}]},{"@type":"WebSite","@id":"https:\/\/wncen.com\/#website","url":"https:\/\/wncen.com\/","name":"NewsBTC","description":"Bitcoin &amp; Cryptocurrency News Today","publisher":{"@id":"https:\/\/wncen.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/wncen.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/wncen.com\/#organization","name":"NewsBTC","url":"https:\/\/wncen.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/logo\/image\/","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","contentUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","width":157,"height":46,"caption":"NewsBTC"},"image":{"@id":"https:\/\/wncen.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/newsbtc","https:\/\/x.com\/newsbtc","https:\/\/www.youtube.com\/channel\/UC9v9erBEru5y4c3FA0wehEw"]},{"@type":"Person","@id":"https:\/\/wncen.com\/#\/schema\/person\/b728e21249a8147d980445b0ee98f18d","name":"Scott Matherson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g","caption":"Scott Matherson"},"description":"Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Renowned Economist Explains Why Grayscale\u2019s Win Is Not Good For Bitcoin Price","url":"http:\/\/wncen.com\/news\/grayscale-bitcoin-price\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/grayscale-bitcoin-price\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1220738671-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1220738671-1.jpg?fit=1253%2C836"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","btc","economist","grayscale","grayscale news","sec"],"dateCreated":"2023-08-30T09:40:00Z","datePublished":"2023-08-30T09:40:00Z","dateModified":"2024-06-11T08:15:15Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Renowned Economist Explains Why Grayscale\\u2019s Win Is Not Good For Bitcoin Price\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/grayscale-bitcoin-price\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/grayscale-bitcoin-price\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1220738671-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1220738671-1.jpg?fit=1253%2C836\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"btc\",\"economist\",\"grayscale\",\"grayscale news\",\"sec\"],\"dateCreated\":\"2023-08-30T09:40:00Z\",\"datePublished\":\"2023-08-30T09:40:00Z\",\"dateModified\":\"2024-06-11T08:15:15Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1220738671-1.jpg?fit=1253%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/549379"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=549379"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/549379\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/549385"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=549379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=549379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=549379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}