Schiff: 99% Crash Wouldn't Phase Bitcoin 'Cult'
News By Alex Dovbnya Sun, 7/06/2026 - 19:57 Vocal gold advocate and financial commentator Peter Schiff has branded the Bitcoin community a "cult." Advertisement
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Vocal gold bug and financial commentator Peter Schiff has lashed out at the cryptocurrency community.
He has labelled Bitcoin investors a "cult" after the final results of his recent social media poll revealed an unshakeable level of defiance from retail bulls.
The poll results
The poll, which concluded on June 6, 2026, asked a straightforward question: "How low does Bitcoin’s price have to fall before you Bitcoiners concede that I’ve been right all along?"
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AdvertisementNotably, "0" was chosen by the overwhelming majority. It captured a substantial 59% of the vote share.
Yes, nearly 60% of participants asserted that even a total capitulation to absolute zero would not convince them that Schiff's long-standing bearish thesis was correct.
'That's a cult'
Schiff wasted no time dissecting the psychology behind the voting pattern.
Advertisement"The results are in. Almost 60% of Bitcoiners believe that even if Bitcoin crashes to $1,000, a more than 99% decline, wiping out almost all Bitcoin investors, bankrupting $MSTR, and devastating the entire crypto industry, I’m still wrong," Schiff lamented. "That’s not rational. That’s a cult."
MicroStrategy at risk
The prominent economist also used the poll results to highlight the systemic dangers facing corporate Bitcoin treasury reserves, specifically targeting Michael Saylor's MicroStrategy (MSTR).
According to Schiff, the financial thresholds for catastrophic corporate pain are much closer than retail investors seem to realize.
"Even $20,000 Bitcoin is low enough to bankrupt MSTR," Schiff warned. "Yet most of you won't even concede that I was right if Bitcoin falls to $1,000. Think about that! You guys will all be broke, but still think you were right all along. Have fun being poor."
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