'Bitcoin Skeptic' Peter Schiff: "Bitcoin (BTC), A Giant Religious Cult"

JH Kim

Summary

Peter Schiff, CEO, criticized that Bitcoin is an asset with no intrinsic value and does not create real wealth.
Schiff argued that the Bitcoin community is like a religious cult and that the market structure simply transfers wealth from later investors to early ones.
He emphasized that since central banks around the world are still buying gold, gold is the traditional reserve asset.

On the 29th (local time), according to the cryptocurrency-specialized media outlet CoinDesk, Peter Schiff, CEO of Euro Pacific Capital and a well-known Bitcoin (BTC) skeptic, attended the 'Bitcoin 2025' conference held in Las Vegas that day. He criticized, saying, "Bitcoin is an asset with no intrinsic value and does not generate real wealth. The Bitcoin community is displaying characteristics similar to a cult (religious sect)."

He continued, "Bitcoin is not a technological innovation but has a structure identical to that of a meme coin," adding, "The current market trend does not generate value, but is merely a situation where early investors pass on wealth to later investors."

He also added, "Looking at the fact that central banks around the world are still buying gold instead of Bitcoin, we can see that gold remains the traditional reserve asset."