Ripple CTO, David Schwartz, has initiated an unconventional public survey on Bitcoin (BTC), strategically timed amid a 4.23% decline in its price over the last 24 hours, reaching $42,097.96. This dip prompts a variety of opinions on whether to “HODL or smash” Bitcoin.
Schwartz’s poll has drawn responses that reveal a lack of optimism toward Bitcoin compared to XRP, the digital currency associated with Ripple Labs, where Schwartz holds a prominent position. Some respondents expressed a willingness to “smash” Bitcoin, while others indicated a preference for converting to XRP and HODLing.
Ripple CTO Backs Bitcoin Amidst Social Media Skepticism
It is important to note that social media commentary may not accurately represent genuine investor sentiment, as comments are often crafted to boost engagement. Schwartz’s Bitcoin opinion poll follows a weekend of discussions where he defended Bitcoin against comedian Owen Benjamin’s claim that it is a decentralized Ponzi scheme.
Despite varying sentiments, Bitcoin remains the most established digital currency, and the prevailing trend suggests a growing interest in a Bitcoin ETF product. Schwartz argues that selling Bitcoin is not in the seller’s best interest, highlighting the long-term value proposition as the dollar used for the sale typically depreciates over time.
MicroStrategy Champions Bitcoin HODLing for Long-Term Growth
This perspective aligns with the steadfast commitment to HODLing exhibited by significant Bitcoin holders like MicroStrategy, a business intelligence and software firm that has been accumulating Bitcoin since August 2020.
The company, holding over 174,000 BTC units, shares a similar conviction with Michael Saylor, the chairman of MicroStrategy, who believes that HODLing Bitcoin is the optimal strategy for long-term gains.