Peter Schiff Likens Bitcoin to a Digital Pyramid Scheme
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Peter Schiff Calls Bitcoin Investors "Fools"
In a tweet made minutes before the time of writing this article, Peter Schiff went to the extent of saying that the delusion around Bitcoin would stop only if the supply of "fools" purchasing Bitcoin dropped significantly or if they ran out of all money so they can't invest in the coin anymore. Incidentally, this isn't the first time Peter Schiff has raised doubts on Bitcoin and questioned its financial viability. In December last year, Schiff said that there was a greater dip coming and questioned El Salvador president Nayib Bukele on how much of the taxpayer's money he wanted to waste.
Bitcoin Going Through a Lean Patch
Bitcoin’s price has been going through a constant slump since the start of this year. The year started with Bitcoin firmly placed at $47,000. But as the month progressed, Bitcoin’s price consistently slashed until it hit $33,000 a couple of weeks ago. This resulted in the world's five wealthiest tech magnates collectively losing almost $85 billion in the first few weeks of 2022, with the week's market sell-off wreaking havoc on their fortunes.
While Tesla CEO Elon Musk lost $27 billion, Amazon founder Jeff Bezos went down by $25 billion. Also, Binance founder Changpeng Zhao saw his crypto fortunes plummet by a staggering $17.7 billion.