Peter Schiff, chairman of Euro Pacific Capital and a critic of Bitcoin, has said no one needs the cryptocurrency and a has compared the holders of the asset to a cult.
He has said:
"No one needs Bitcoin. So people only buy it after someone else talks them into doing so. Then once they buy, they immediately try to convince others to buy too. It's like a cult."
Schiff has also said that Bitcoin "is not a resource, it's nothing."
He recommended in March to sell the crypto and buy gold amid problems at Silvergate Bank.
The chairman of Euro Pacific Capital predicted in July a rapid fall of digital gold to zero. At the time, the asset was trading at $31,000.
In October, Berkshire Hathaway vice chairman Charles Munger said that most digital assets will depreciate.