Most people will HODL their bitcoin investments to the grave if the price of the flagship cryptocurrency fails to push above the psychologically important $10K level. This is according to a poll conducted by gold bug Peter Schiff which is continuing on Twitter.
Bitcoin Holders Adamant About Their Holdings
The notorious bitcoin critic has so far yielded responses from 23,113 people on Twitter. Interestingly, almost 60% are unwilling to sell their holdings ever. Despite BTC remaining below $10K for the better part of this year, investors don’t seem to be bothered about this fact.
The survey reads:
“This quiz is for Bitcoin HODLers. How much longer does the price of bitcoin have to stay below $10,000 before you will throw in the towel and sell?”
Schiff went ahead to provide the survey participants with four options to choose from: one more year, two more years, 10 more years, and until they meet their deaths. 57.7% said they will be taking their bitcoin to the grave, while only 15.1% showed their intent to sell after one more year.
This quiz is for Bitcoin HODLers. How much longer does the price of #Bitcoin have to stay below $10,000 before you will throw in the towel and sell?
— Peter Schiff (@PeterSchiff) July 14, 2020
Bitcoin Criticism Backfires
At press time, Bitcoin is sticking to the $9,200 price range after some light selling earlier in the day. Schiff’s Twitter poll appears to be yet another attempt to throw a jab at the flagship cryptocurrency.
He has been constantly throwing cold water on BTC’s chances as his favorite yellow alloy rallied to 9-yr highs. Earlier this month, he asked his followers what they think is likely to happen to the price of both bitcoin and gold. To his utter surprise, the majority of the respondents predicted that both assets will continue going up.
Although Twitter surveys are not scientifically accurate, Schiff’s, in particular, show that his attempts to drag the good name of bitcoin are failing terribly. Moreover, BTC’s current market dynamics indicate that it is maturing — albeit slowly — to become a reliable store of value just like gold.
Some market observers are even pushing crypto over gold. For instance, Robert Kiyosaki, the New York bestselling author of the book “Rich Dad Poor Dad”. He recently posited that traditional investments like gold and real estate will soon be phased out as crypto comes into focus.
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