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Economist Peter Schiff recently conducted a poll on X, questioning the resolve of Bitcoin (CRYPTO: BTC) HODLers in the face of a potential market downturn.
What Happened: On Tuesday, Schiff opened up the poll, asking long-term investors of the digital asset if they would sell their holdings if the cryptocurrency’s value dropped below $15,000, marking an 80% collapse from its 2024 record-high.
In keeping with his snarky humor, Schiff framed the two possibilities as “Yes, I’d cut my losses,” and “Hell no, it’s ride or die.”
As of this writing, 85.3% of respondents said they would continue to hold, despite the potential loss.
In another post, the gold bug even questioned the existence of Bitcoin ETFs, arguing that they undermine Bitcoin’s original value proposition of eliminating third-party custodians. he took this as an opportunity to support gold ETFs.
The 11 spot Bitcoin ETFs saw net outflows of $77.97 million as of July 23. The world’s largest Bitcoin fund, iShares Bitcoin Trust (NASDAQ:IBIT), attracted inflows of $71.94 million while the Grayscale Bitcoin Trust (NYSE:GBTC) saw outflows worth $27.31 million, according to SoSo Value.
Why It Matters: Schiff, a well-known known Bitcoin critic, has previously used the approval of Ethereum (CRYPTO: ETH) ETFs to question Bitcoin’s prospects. He argued that funds for new Ether ETFs would likely be drawn from existing Bitcoin ETFs, potentially hurting the world’s largest cryptocurrency. He reiterated this view on Tuesday.
Earlier this month, he warned that the cryptocurrency's bear market was far from over and predicted further downsides for Bitcoin. Since this prognosis, Bitcoin has jumped 18%.
Price Action: At the time of writing, Bitcoin is exchanging hands at $66,001.15, down 2.36% in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
