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Crypto Critic Calls People Who Invested in BTC Following Musk ‘Foolish’


coinedition.com 20 December 2022 11:57, UTC
Reading time: ~2 m

Renowned economist and crypto critic Peter Schiff believes people who invested in Bitcoin (BTC) because Elon Musk promoted it were thoughtless, adding that Musk takes no responsibility for their incurred losses.

Schiff recently expressed this sentiment on Twitter while comparing the losses of Tesla investors to those of Bitcoin investors. In his words:

It’s not Elon Musk’s fault that investors overpaid for Tesla, and early investors still have the opportunity to cash out with huge gains. Musk also isn’t responsible for those foolish enough to buy Bitcoin, and his support of DOGE was a joke to poke fun at Bitcoin.

Entrepreneur Gordon Johnson commented that Musk misled Tesla investors into believing it would appreciate 737% and be worth more than Apple and Saudi Aramco stocks combined, only to sell $3.6 billion of Tesla stock later. Johnson added that Musk had sold nearly $40 of Tesla stock in the last five years.

On Oct. 19, @elonmusk said, to all of $TSLA's investors, he believed $TSLA had a path to be worth more than $AAPL and $ARAMCO, combined, suggesting 737.9% upside from today's intraday price. Last week, he sold $3.6B worth of stock, & has sold a net $39.2B over the past 5yrs. FYI. https://t.co/ENgNQdOvCL pic.twitter.com/AN52hq4lgY

— Gordon Johnson (@GordonJohnson19) December 19, 2022

According to data from Google Finance, the price of Tesla stock has been on the decline for several weeks. Tesla shares are down by 14.31% in the last five days alone. On the other hand, BTC only experienced a 3% fall within the same period.

In a separate tweet, the crypto skeptic economist argued that ARK exchange-traded funds are yet over-priced regardless of the 80% record fall recently. Schiff believes there will be another 50% decline.

After today's 3% drop the @CathieDWood $ARK ETF is now down 80% from its Feb. 2021 record high, closing at the lowest price since Aug. 2017. Despite the sharp fall, shares are still over-priced. I think another 50% decline from here, bringing the total collapse to 90%, is likely.

— Peter Schiff (@PeterSchiff) December 19, 2022

In other news, the global crypto market cap may fall below the $800 billion valuation, as it currently stands at $810 billion.

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