In a surprising move, Ripple CTO David Schwartz has sparked an unconventional opinion poll regarding the world’s leading cryptocurrency, Bitcoin (BTC). The poll, shared on social media, has garnered attention amidst a recent 4.23% decline in Bitcoin’s price over the past 24 hours, bringing it to $42,097.96.
Schwartz’s unconventional poll
In a tweet, David Schwartz, also known as “JoelKatz,” posed a simple question to the crypto community: “Smash or HODL?” The tweet was accompanied by a graphic featuring the words “Smash” on one side and “HODL” on the other, prompting followers to engage with their opinions on the fate of Bitcoin.
As expected, the poll generated diverse opinions and reactions within the crypto community. The comments on Schwartz’s post revealed a spectrum of sentiments, with some individuals expressing a desire to “smash” Bitcoin and others leaning toward “HODLing” their positions. Interestingly, a significant portion of respondents expressed an inclination to convert their Bitcoin holdings into XRP, the digital currency associated with Ripple Labs, where Schwartz holds a prominent position.
Social media engagement vs. investor behavior
It’s essential to recognize that social media interactions often do not reflect true investor behavior accurately. Many comments on social platforms are driven by the desire to generate engagement and reactions. Schwartz’s Bitcoin opinion poll came following a weekend of debates and discussions surrounding Bitcoin’s legitimacy, during which he defended the cryptocurrency against claims by comedian Owen Benjamin, who labeled it a decentralized Ponzi scheme.
David Schwartz’s position in the ongoing Bitcoin debate revolves around the idea that selling Bitcoin may not be in the seller’s best interest, particularly when considering the consistent devaluation of fiat currencies like the US dollar over time. This perspective aligns with the beliefs of steadfast Bitcoin “HODLers” and institutions like MicroStrategy.
Notably, MicroStrategy, a business intelligence and software firm, has been accumulating Bitcoin since August 2020 and has consistently demonstrated its commitment to holding its substantial Bitcoin reserves. Currently, MicroStrategy’s Bitcoin holdings have surpassed 174,000 BTC units. The chairman of MicroStrategy, Michael Saylor, shares a conviction with Ripple CTO David Schwartz, emphasizing the long-term benefits of holding Bitcoin.
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