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Bitcoin is compared to a digital pyramid scheme by Peter Schiff

Peter Schiff, an American stockbroker and Bitcoin opponent, has compared Bitcoin to a digital pyramid scam. He claimed that the digital currency’s days were limited and that its owners would soon be forced to HODL indefinitely.

Bitcoin investors are referred to as “fools” by Peter Schiff.

Peter Schiff went so far as to remark in a tweet only minutes before the time of writing this piece that the delusion around Bitcoin would end only if the supply of “fools” purchasing Bitcoin fell dramatically or if they ran out of money and could no longer invest in the coin. It’s worth noting that this isn’t the first time Peter Schiff has expressed worries about Bitcoin’s financial viability. Schiff predicted a further drop in December of last year and questioned El Salvador’s president, Nayib Bukele, about how much taxpayer money he planned to spend.

Bitcoin Is Having a Hard Time

Since the beginning of the year, the price of bitcoin has been in a steady decline. Bitcoin was trading at $47,000 at the start of the year. However, as the month passed, Bitcoin’s price fell steadily until it reached $33,000 a few weeks ago. The world’s five wealthiest tech magnates lost about $85 billion in the first few weeks of 2022 as a result of the week’s market sell-off, which wreaked havoc on their fortunes.

Elon Musk, the CEO of Tesla, lost $27 billion, while Jeff Bezos, the creator of Amazon, lost $25 billion. In addition, Binance founder Changpeng Zhao’s crypto wealth plummeted by $17.7 billion.

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