On August 22, Peter Schiff, a chief economist and founder of Europac.com, via tweet expressed his view on the case against Mark Cuban, a billionaire entrepreneur, for repeatedly promoting fraudulent crypto projects that caused monetary losses to all investors, who participated in the ponzi scheme.
Moreover, Peter Schiff thinks this might be Mark Cuban’s beginning. In his tweet, Schiff also advocated that once the bubble of cryptocurrency bursts, those investors who lost their money will sue all the promoters, who encouraged specific projects or offered investment advice.
The bitcoin critic, Peter Schiff further in his Twitter thread slams Mark Cuban by saying that, earlier Mark was aware of the risks involved in Bitcoin investing.
Despite knowing that the project is a scam, Mark chooses to promote the ponzi project. Schiff was surprised that Mark used this opportunity to make a profit from the crypto mania by using innocent people.
Schiff remains a solid critic of Bitcoin and moreover, he does not believe in the underlying technology of bitcoin or consider it an asset. Schiff recently predicted that the first cryptocurrency to experience a huge fall would be Bitcoin.
Scams in the cryptocurrency have declined a lot and scammers are making only $1.6 billion less than last year during the same period. There are two main reasons for this decline: lack of ponzi schemes and market correction.