Peter Schiff: BTC has no value, but people will buy it because its price is rising

Famous financial commentator and CEO of Euro Pacific Capital, Peter Schiff, wrote: "The working principle of Bitcoin is as follows. We create something without value and artificially limit its supply. Then we all pretend it has value and buy it. Others see the price rise, so they also buy it. Then we all hold onto it (HODLing), hoping that everyone continues to pretend it has value."