Gold bug Peter Schiff said Kevin O’Leary and Mark Cuban had sold out to crypto companies over the lure of sh*tcoins.
Crypto’s “sexy story” did not fool Schiff
Speaking to Anthony Pompilano in a recent interview, the pair discussed several topics, including the macro, assets for protection, and the debt ceiling. However, of particular interest was Schiff’s take on crypto marketing.
When asked about “nefarious actions” that hurt investors, Schiff quickly pointed out that the easy money, casino-like environment of cryptocurrency encouraged fraud and get-rich-quick schemes.
Further, Schiff says that this problem “feeds on itself” in that crypto investors who make money are seen by others who experience FOMO, thus perpetuating a cycle of contagion.
“Crypto, I think, almost was a perfect asset for that. It had a real sexy story. When I first heard the story, I understood money too much to get taken in on it.”
This strategy was a huge success for early investors, concede
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