Peter Schiff has shared his view on the lawsuit against Mark Cuban, who allegedly promoted a cryptocurrency scam that led to financial losses among those who invested in a Ponzi scheme.
Schiff believes that Cuban's story is just the beginning, and he has been warning people for years that when the Bitcoin bubble pops, all people who lost money in the cryptocurrency industry will try to make some of it back by suing people who promoted certain projects or gave 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 Cuban knew how dangerous investments in Bitcoin can be, and the businessman knew it was a "scam" but still decided to promote certain projects.
Schiff was surprised that Cuban used the market opportunity and his name to profit from the crypto mania as he thought that the Shark Tank star has more than enough money to live happily without tying his name up with cryptocurrency scams.
In the end, the gold supporter added that only people winning from this whole situation is lawyers. Schiff remains a heavy Bitcoin critic and does not believe in the long-term future of the asset or the technology behind it.
Recently, Schiff predicted a significant drop of the first cryptocurrency ahead of BTC's plunge to $21,000.
Scammers are losing their power
According to the most recent cryptocurrency industry report by Chainalysis, the cumulative monthly value received by scams has notably decreased, with the revenue of scammers plunging to $1.6 billion, which is 65% less than the same period back in July of last year.
The correction of the cryptocurrency market and a lack of large Ponzi schemes are two main reasons behind the decreasing scam revenue.
Alex Dovbnya
Denys Serhiichuk