Vocal gold bug and financial commentator Peter Schiff has lashed out at the cryptocurrency community.
He called Bitcoin investors a “cult” after the final results of his recent social media poll revealed an unwavering level of distrust from retail buyers.
Survey results
The poll, which closed on June 6, 2026, asked a simple question: “How far does the price of Bitcoin have to fall before you, Bitcoiners, admit that I was right all along?”
The survey garnered a significant number of 16,070 votes and resulted in a lopsided final distribution.
Notably, “0” was chosen by an overwhelming majority. He received 59% of the votes.
Yes, nearly 60% of participants said that even a complete capitulation to absolute zero would not convince them that Schiff’s long-held bearish thesis was correct.
“It’s a sect”
Schiff wasted no time dissecting the psychology behind the voting pattern.
“The results are in. Nearly 60% of Bitcoiners believe that even if Bitcoin collapses to $1,000, a decline of over 99%, wiping out almost all Bitcoin investors, putting $MSTR out of business, and devastating the entire crypto industry, I’m still wrong,” Schiff lamented. “It’s not rational. It’s a cult.”
MicroStrategy in danger
The prominent economist also used the survey results to highlight the systemic dangers facing corporate Bitcoin hoards, specifically targeting Michael Saylor’s MicroStrategy (MSTR).
According to Schiff, the financial thresholds for catastrophic pain for companies are much closer than retail investors seem to realize.
“Even $20,000 worth of Bitcoin is low enough to put MSTR out of business,” Schiff warned. “Yet most of you won’t even admit that I was right if Bitcoin fell to $1,000. Think about it! You’ll all be broke, but you’ll still think you were right all along. Have fun being poor.”
