I think Peter saw bitcoin as a threat years ago and rather than embrace it at that time, he decided to try and dissuade his followers from touching it and at that time probably succeeded. Now that bitcoin has proved him wrong, he is reluctant to admit he was wrong and lose face, so he has to continue with the negativity etc! It looks like nothing will sway him.
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...sold the lie and doesn't want to admit to a faulty product...
That's the case in a lot of things. Once you take a position on something, you're more likely to accept evidence in favor of your position, and reject evidence that opposes it. We don't realize we're doing this, but we do.
Especially when you have stated the same position again and again in public and that position reinforces your business interests. I'm sure he wont change his position now, even if bitcoin was adopted as the world reserve currency, accepted by all nations and worth $1m per coin!!