- Crypto critic thinks people who bought BTC because of Musk are thoughtless.
- Schiff expressed the sentiment comparing Tesla investor losses to Bitcoin investors.
- Google data shows that the price of Tesla stock performed worse than Bitcoin.
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.
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.
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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