According to U.Today, financial commentator Peter Schiff inadvertently endorsed Bitcoin in a recent social media post on the X platform. Schiff shared the results of his latest poll, revealing that 87% of Bitcoin holders would not sell their holdings even if the cryptocurrency's price plummeted by 99%. Instead, these holders indicated they would continue buying more Bitcoin as its price fell. Schiff added a cautionary note, urging people to consider this before purchasing Bitcoin.
Despite Schiff's intention to critique Bitcoin, many interpreted the poll results as a positive endorsement of the cryptocurrency. Some community members noted that such strong conviction among Bitcoin holders is bullish for its long-term prospects. One user even described it as the best advertisement for Bitcoin they had ever heard.
Bitcoin has a history of significant price drops and recoveries. In 2011, it experienced a 93% decline, taking 460 trading sessions to recover. More recently, from November 9, 2021, to March 4, 2024, Bitcoin saw a 77% drop during a bear cycle, requiring 469 sessions to enter a bull cycle. Despite these setbacks, Bitcoin has consistently rebounded stronger after each bear market.
Schiff, a long-time critic of Bitcoin since 2011, recently predicted that the cryptocurrency could crash to as low as $3,500. In April, he also warned Bitcoin ETF issuers about potential lawsuits from buyers due to significant losses. Despite his critical stance, the resilience shown by Bitcoin holders in Schiff's poll suggests a strong belief in the cryptocurrency's future.
