{"id":86040,"date":"2023-10-21T11:22:44","date_gmt":"2023-10-21T08:22:44","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=86040"},"modified":"2025-09-13T03:02:07","modified_gmt":"2025-09-13T00:02:07","slug":"peter-schiff-compares-bitcoin-enthusiasts-to-a-cult","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/peter-schiff-compares-bitcoin-enthusiasts-to-a-cult\/","title":{"rendered":"Peter Schiff Compares Bitcoin Enthusiasts to a Cult"},"content":{"rendered":"<p>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.<\/p>\n<blockquote class='twitter-tweet'>\n<p lang='en' dir='ltr'>Finally <a href='https:\/\/twitter.com\/novogratz?ref_src=twsrc%5Etfw'>@novogratz<\/a> got something right about <a href='https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw'>#Bitcoin<\/a>. He admitted that it\u2019s 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\u2019s like a cult.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href='https:\/\/twitter.com\/PeterSchiff\/status\/1714617391651410078?ref_src=twsrc%5Etfw'>October 18, 2023<\/a><\/p>\n<\/blockquote>\n<p> <script async='' src='https:\/\/platform.twitter.com\/widgets.js' charset='utf-8'><\/script><\/p>\n<blockquote class='wp-block-quote is-layout-flow wp-block-quote-is-layout-flow'><p>\n<cite>&#8220;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&#8217;s like a cult,&#8221; wrote Schiff.<\/cite><\/p><\/blockquote>\n<p>The crypto skeptic also stated that Bitcoin is &#8220;not a resource, it&#8217;s nothing&#8221;.<\/p>\n<p>In March, Schiff <a href=\"https:\/\/u1f987.com\/en\/news\/peter-schiff-urged-selling-bitcoin-amid-silvergate-bank-troubles\">urged selling the first cryptocurrency<\/a> and buying gold against the backdrop of <a href=\"https:\/\/u1f987.com\/en\/news\/silvergate-to-liquidate-silvergate-bank\">the problems at Silvergate Bank<\/a>.<\/p>\n<p>In May he <a href=\"https:\/\/u1f987.com\/en\/news\/peter-schiff-announces-nft-collection-on-bitcoin\">announced<\/a> his own collection <a href=\"https:\/\/u1f987.com\/en\/news\/what-are-nfts\">of non-fungible tokens<\/a> based on Bitcoin.<\/p>\n<p>In July, the president of Euro Pacific Capital <a href=\"https:\/\/u1f987.com\/en\/news\/peter-schiff-predicts-bitcoin-will-fall-to-zero\">predicted<\/a> a rapid drop in digital gold to zero. At that time the asset traded at $31,000.<\/p>\n<p>In October, Berkshire Hathaway vice chairman and ardent crypto opponent Charlie Munger <a href=\"https:\/\/u1f987.com\/en\/news\/charles-munger-warns-most-cryptocurrencies-could-fall-to-zero\">conceded<\/a> the devaluation of most digital assets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":1,"featured_media":86041,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1138,1298],"class_list":["post-86040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-opinions","tag-peter-schiff"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/86040","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=86040"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/86040\/revisions"}],"predecessor-version":[{"id":86042,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/86040\/revisions\/86042"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/86041"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=86040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=86040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=86040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}