Yugocean
Valued Contributor
Peter Schiff, the CEO of Euro Pacific Capital, is a strong supporter of gold and silve investing and a harsh critic of Bitcoin. He has criticised the LUNA's "Buy the Dip" concept.
Schiff poked fun at people who bought LUNA on the cheap and lost their entire investment when the value dropped further to zero. People should not believe in the concept of buying on the cheap, according to Schiff.
Schiff has also likened Bitcoin to terra, claiming that the idea is the exact for any cryptocurrency, meaning that a situation similar to LUNA could happen to any cryptocurrency, including Bitcoin.
The market is in chaos, with the fall of Terra sending the entire cryptocurrency market even lower, wiping out practically all of the money invested. However, proponents of bitcoin continue to believe that the market will rise again, therefore buying at a low price (Buying on the Dip) is the smart option.
Schiff poked fun at people who bought LUNA on the cheap and lost their entire investment when the value dropped further to zero. People should not believe in the concept of buying on the cheap, according to Schiff.
Schiff has also likened Bitcoin to terra, claiming that the idea is the exact for any cryptocurrency, meaning that a situation similar to LUNA could happen to any cryptocurrency, including Bitcoin.
The market is in chaos, with the fall of Terra sending the entire cryptocurrency market even lower, wiping out practically all of the money invested. However, proponents of bitcoin continue to believe that the market will rise again, therefore buying at a low price (Buying on the Dip) is the smart option.