Peter Schiff likens most Bitcoin investors to cult fanatics

Peter Schiff, CEO of Euro Pacific Capital, argued on X that most Bitcoin investors are akin to irrational cult fanatics. He pointed to a recent poll he conducted that asked users how much lower BTC would need to fall for them to concede his view that Bitcoin is a scam. Out of 16,070 respondents, a majority of 59% chose zero, implying they would not accept his bearish thesis even if BTC's price went to $0. Schiff stated that most investors would insist he was wrong even with a drop of over 99%, the bankruptcy of MicroStrategy (MSTR), and the failure of most crypto companies, likening the sentiment to a cult. He further emphasized that a drop to just $20,000 would be enough to bankrupt firms like MicroStrategy and throw the entire industry into crisis.