Peter Schiff, a renowned economist and gold bug, has criticized Bitcoin’s role and utility in today’s economy. According to Schiff’s remarks, Bitcoin is useless, and its advocates are like a cult, trying to convince people to buy bitcoin after buying it themselves.
Peter Schiff: ‘Bitcoin Is Nothing’
Peter Schiff, chief economist and global strategist at Europac, has railed against the utility and scarcity traits attributed to Bitcoin. In a recent post in X (formerly known as Twitter), Schiff stressed that Bitcoin had no purpose and that its advocates resembled a cult.
Schiff stated:
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.
Schiff made these remarks after pondering statements made by Galaxy Digital CEO Mike Novogratz on CNBC’s Squawk Box, where besides talking about the possible approval of a spot bitcoin ETF this year, he stated that Bi
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