Peter Schiff has expressed his opinion about the legal action taken against Mark Cuban, who is accused of being a promoter of a cryptocurrency hoax that resulted in financial losses for people who had participated in a Ponzi scheme.
Schiff genuinely believes that Cuban’s case is just the tip of the iceberg, and he has been warning people for years that when the Bitcoin market crashes, everyone who has lost millions in the crypto industry will try to make some of it back by suing people who promoted certain projects or gave investment advice. Cuban’s case is just the latest example of Schiff’s prediction.
This is just the beginning. I’ve been warning for years that once the #Bitcoin bubble finally deflates for good, all the people who lost money in #crypto will sue all the people who made money. The lawyers always win.Peter tweeted.
Petter Schiff calls bitcoin scam
According to the renowned Bitcoin critic, Cuban was aware of how risky Bitcoin investments are but still promoted certain projects.
Schiff was astonished that Cuban leveraged the market opportunity as well as his brand to benefit from the crypto frenzy. He felt the Shark Tank star had enough money to live comfortably without becoming involved in cryptocurrency fraud.
In the end, he said that the only ones benefiting from this mess are lawyers. Schiff is still a loud critic of Bitcoin and blockchain technology who doesn’t believe in their future.
Schiff predicted a big drop in the value of the first cryptocurrency not long ago, long before Bitcoin fell to $21,000.
Did Cuban really think crypto was a “scam”?
Mark Cuban’s interest in cryptocurrencies dates back to at least 2017. In a recent interview, Cuban emphasized his optimism for the cryptocurrency industry. Cuban has stated his lifelong interest in technology and belief that cryptocurrencies will cause widespread economic change. Moreover, he believes Ethereum’s value will recover as applications begin to roll in.
Even though Cuban agreed that the global economy is in a bad place right now, he insisted that this did not change his positive view of cryptocurrencies.
Meanwhile, Voyager Digital is experiencing one of its worst periods in history. After Terra failed, the company turned to Chapter 11 of the US Bankruptcy Code for help.