Bitcoin (BTC) Peter Schiff, CEO of Euro Pacific Capital, an enemy and gold investor, in his new statements on Twitter of LUNA evaluated its value dropping to almost zero.
Bitcoin Compared to Terra, Schiff said that with the fall of LUNA, all cryptocurrency He said that the concept of “buying from the bottom” in the market was damaged.
“It Can Happen to All Cryptocurrencies”
Schiff, the Terra ecosystem’s collapsing LUNA token and stablecoin TOP commented on:
“Terra (LUNA) provides a perfect example of why the concept of ‘buying the bottom’ won’t always be true. Yesterday the LUNA price dropped 98%. If you thought this drop was a great opportunity and bought it, you would have lost 99.3% of your money today. This applies to all cryptocurrencies. It’s time to drop Bitcoin and go gold!”
terra #Luna provides a perfect example of why you shouldn’t always “buy the bottom.” Yesterday Luna was down 98%. If you bought that dip thinking the crash created a great buying opportunity you lost 99.3% today. This can happen to any crypto. It’s time to drop #Bitcoin & buy #gold!
— Peter Schiff (@PeterSchiff) May 12, 2022
Peter Schiff Compares Bitcoin to Terra
Responding to a user’s comment on Twitter, Schiff said that for LUNA, things got worse almost suddenly, to the worst possible degree.
The same could happen to Bitcoin, according to Schiff. Sciff responded to the user who stated that LUNA and BTC are not the same:
“True, but LUNA was not the LUNA it is today, a week or so ago. Last week people trusted LUNA, this week they don’t. This week people trust BTC, but next week they may not. The same concept applies here.”
At the time of writing this article, BTC, which had a partial recovery, again exceeded the threshold of $ 30,000. The world’s largest cryptocurrency, which has risen 9.25% in the last 24 hours, is trading at $ 30,583.
*Not investment advice.