Peter Schiff Labels Bitcoin a ‘Giant Cult’ at Bitcoin 2025 Conference
At the Bitcoin 2025 conference, Peter Schiff criticized the Bitcoin community, calling it “a giant cult” and comparing the asset to a “memecoin.” He reiterated his stance that Bitcoin lacks intrinsic value and cited central banks' preference for gold as evidence of its superiority as a reserve asset.
Key points from Schiff's statements include:
- Claims that Bitcoin ownership is driven by hype rather than economic fundamentals.
- Arguments that wealth generated by Bitcoin is a transfer from latecomers to early adopters, describing it as a pyramid structure.
- A quip about inadvertently increasing Bitcoin ownership among attendees despite advising against it.
Schiff's remarks contrasted with other speakers at the conference who highlighted Bitcoin's institutional acceptance and financial growth.