Peter Schiff has shared his views on the lawsuit against Mark Cuban, who allegedly promoted a cryptocurrency scam that resulted in financial losses for those who invested in the Ponzi scheme.
Schiff believes Cuban’s story is just the beginning, and he’s been warning people for years that when the Bitcoin bubble bursts, everyone who has lost money in the crypto industry will try to make ends meet by suing those who have promoted certain projects or have given investment advice.
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. https://t.co/vDMsktGsVW
— Peter Schiff (@PeterSchiff) August 21, 2022
The famous Bitcoin critic also believes that Cuban knows how dangerous investments in Bitcoin can be and that the entrepreneur knew it was a scam but still decided to promote some projects.
Schiff was surprised when Cuban used his market opportunity and name to profit from the crypto craze because he thought the Shark Tank star had more than enough money to live happily without having to tie his name to crypto scams.
According to Chainalysis’ most recent cryptocurrency industry report, the monthly cumulative value received by scammers has dropped significantly, with scammers’ revenue dropping to $1.6 billion, which is 65% lower than the same period in July last year.