Peter Schiff considers Kevin O’Leary, Mark Cuban crypto sold out
Gold bug Peter Schiff said Kevin O’Leary and Mark Cuban had sold out to crypto companies because of sh*tcoins.
Crypto’s “sexy story” didn’t 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. Of particular interest, however, was Schiff’s take on crypto marketing.
When asked about “nefarious acts” that harmed investors, Schiff was quick to point out that the easy-money, casino-like environment of cryptocurrency encouraged scams and get-rich-quick schemes.
Furthermore, Schiff says this problem “feeds on itself” in that crypto investors who make money are seen by others experiencing FOMO, thus perpetuating a cycle of contagion.
“Crypto, I think, was almost a perfect asset for that. It had a really sexy story. When I first heard the story, I thought money was too much to be bought into.”
That strategy was a huge success for early investors, Schiff admitted, but still came off the back of “the marketing of this pyramid, Ponzi, chain letter; however you want to describe it.”
Schiff then blasted central banks and their policies of quantitative easing, which encouraged a glut of cheap loans, further fueling the cycle.
The role of the celebrity
Turning his attention to celebrities, entertainers, sports stars and influencers, he said crypto companies tempt them by offering sh*tcoins in return to advertise to their followers.
Throwing out the example of Kevin O’Leary, Schiff previously said the Canadian entrepreneur was a fierce critic of Bitcoin and cryptocurrency. However, O’Leary turned pro-crypto after accepting an FTX endorsement deal.
“Kevin O’Leary only changed his mind because he was paid to change his mind. He became a shill for a crypto company. He was negative on Bitcoin until someone paid him to be positive on it. So he sold out.”
Schiff said the same thing happened to Mark Cuban, who used to be skeptical of Bitcoin, until “he got into NFTs and suddenly had laser eyes, anyway.”
There was so much money at the height of this bubble, but that bubble has now popped, Schiff said.
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