Ripple CTO's Unorthodox Bitcoin Opinion Amid Price Slump
Ripple CTO's Bitcoin Opinion Poll
Ripple CTO David Schwartz recently conducted an unconventional poll regarding Bitcoin at a time when the cryptocurrency's price had dropped by 4.23%, settling at $42,097.96. This downturn sparked a debate on whether to "HODL or smash" Bitcoin. The poll revealed varied opinions, with some opting to hold Bitcoin and others preferring to convert their assets to XRP, the cryptocurrency linked to Ripple Labs.
Social Media Sentiment on Bitcoin
Social media reactions to Schwartz's poll indicate a lack of optimism towards Bitcoin compared to XRP. However, it's important to note that online comments often aim to increase engagement rather than reflect actual investor behavior. The poll followed a weekend of discussions where Schwartz defended Bitcoin against accusations from comedian Owen Benjamin, who labeled it a decentralized Ponzi scheme.
Bitcoin's Established Status
Despite differing opinions, Bitcoin remains the most established digital currency. Current trends suggest that many investors are still willing to invest heavily in Bitcoin. Ripple CTO David Schwartz argues that selling Bitcoin might not be beneficial, as the value of the dollar typically depreciates over time. This perspective aligns with the strategy of prominent Bitcoin holders like MicroStrategy, which has been accumulating Bitcoin since August 2020 without selling.
Long-term Bitcoin HODLing Strategy
Schwartz's stance underscores the long-term commitment of major Bitcoin holders. MicroStrategy, led by Michael Saylor, exemplifies this approach, maintaining its Bitcoin holdings with the belief that HODLing is the best long-term strategy. This perspective highlights the ongoing confidence in Bitcoin's potential despite short-term price fluctuations.
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