The president of Euro Pacific Capital and critic of the first cryptocurrency, Peter Schiff, said that Bitcoin is of no use to anyone. He also compared holders of the asset to a cult.
Finally @novogratz got something right about #Bitcoin. He admitted that it’s not bought, but sold. No one needs Bitcoin. So people only buy it after someone else talks them into doing so. Then once they buy, they immediately try to convince others to buy too. It’s like a cult.
— Peter Schiff (@PeterSchiff) October 18, 2023
“No one needs Bitcoin. People buy it only after others persuade them to do so. After acquiring [BTC], they immediately try to attract others to it. It’s like a cult,” wrote Schiff.
The crypto skeptic also stated that Bitcoin is “not a resource, it’s nothing”.
In March, Schiff urged selling the first cryptocurrency and buying gold against the backdrop of the problems at Silvergate Bank.
In May he announced his own collection of non-fungible tokens based on Bitcoin.
In July, the president of Euro Pacific Capital predicted a rapid drop in digital gold to zero. At that time the asset traded at $31,000.
In October, Berkshire Hathaway vice chairman and ardent crypto opponent Charlie Munger conceded the devaluation of most digital assets.