> If you study the history of bitcoin (or were around and paying attention), it wasn't at all designed as a cult or a scam. So this is factually wrong. However I think it's true of a lot of the later coins.

I think you're missing the point. I think what OP is saying is that the nature of a deflationary, speculative asset means that a cult-like environment will organically form around it. Early adopters have a strong incentive to hype it up and get others to buy in to increase their own wealth. And Bitcoin was designed to be a deflationary, speculative asset.