As the played ftx saga, Cryptocurrencies have come under significant pressure, giving credence to the voices of several crypto skeptics.

What happened: Bitcoin BTC/USD The mania is over and FTX’s bankruptcy proves the late 2021 cryptocurrency rally was a scam, the economist says peter ship tweeted.

The main reason behind the spectacular crypto rally a year ago, when Bitcoin peaked at $69,000, is all the leverage that funded unprecedented crypto promotion and speculative buying, he said.

While I’m realizing this Bernie Madoff was regulated by the SEC Throughout the time he ran his Ponzi scheme, Schiff said regulation by the agency did not prevent the FTX scam.

The crypto basher also noted that the reason Mike Novogratz was able to cash out so many bitcoin and crypto-related assets was that media outlet CNBC gave him and other crypto insiders a “one-sided platform to constantly pump exactly what he needed to offload.”

“The whales sold out sucking on the minnows to buy and #HODL,” he added.

See also: Peter Schiff asks Bitcoin ‘fanatics’ to stop making fun of gold: ‘Don’t be the last one on board’

In reply to Shark Tank Investor Kevin O’Learys Tweeting that the crypto bottom is in, Schiff said that it is “far from it,” and the only thing in is the crypto top.

He also disagreed with O’Leary that government regulation is a solution to fraud prevention.

“The lesson of #FTX is that investors do better due diligence and not just stupidly jump on speculative bandwagons,” Schiff said, adding that “we need solid money with interest rates set by free markets, not central banks .”

Gold a better bet: Schiff is an outspoken supporter of gold and has once again touted the investment value of gold. If the Grayscale Bitcoin Trust Conditions In May 2019, the “Drop Gold” campaign launched, ad spending sent the exchange-traded fund to $17.40 in the same month, he noted.

At this point, if you had dropped $10,000 worth of gold and bought GBTC,…