Famous cryptocurrency critic calls bitcoin owners members of a cult

Peter Schiff, a well-known critic of the flagship cryptocurrency and a supporter of gold, has voiced his new point of view on bitcoin. The analyst called the owners of BTC $97,289.51 Bitcoin 0.96% Market capitalization $1.93 trillion VOL. 24 hours $2.35 billion cultists who do not understand anything about the modern economy.

According to Schiff, the digital currency «is not needed by anyone at all. It is only getting more expensive because some investors persuade others to buy BTC, the critic is convinced. The financier compared this behavior to a cult and noted that cryptocurrency owners behave like ordinary members of a sect.

Twitter users criticized Peter Schiff’s statement. They reminded him that for several years, Schiff had been saying that bitcoin would soon collapse. However, the cryptocurrency continues to grow in value.

Yesterday, the value of the market leader soared above the critical resistance level. At the local peak, the market value of the main cryptocurrency reached $ 35,280 (BTC/USDT pair, Binance cryptocurrency exchange). BTC’s surge occurred amid expectations that the U.S. Securities and Exchange Commission (SEC) would approve the first spot ETF.

In March this year, Schiff said that bitcoin would fall to zero in the future. «Bitcoin will fall to zero anyway. It’s just going to be a long way down,» Peter Schiff wrote on his Twitter page. At the time, amid the US banking crisis, Schiff urged his followers to sell bitcoins and other digital assets now, as the crypto industry is «facing new bankruptcies in the near future.»