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Bitcoin nemesis Peter Schiff accidentally&nbsp;<a href="https://x.com/_benkaufman/status/1817392340375343611" rel="noopener noreferrer nofollow">endorsed</a> the leading cryptocurrency in a recent social media post on the X platform.&nbsp;&nbsp;
Schiff pointed to the results of his most recent poll, which shows that 87% of Bitcoin holders would still refrain from selling the leading cryptocurrency even if its price were to crash by as much as 99%. In fact, these holders would keep buying more Bitcoin all the way down.&nbsp;&nbsp;
"Think about that before you buy," the financial commentator added in his social media post.&nbsp;
Even though Schiff's statement was meant to be a pointed critique of the leading cryptocurrency, many saw his polling data as an apparent endorsement of Bitcoin.&nbsp;
Some community members have pointed out that such a high level of conviction is actually bullish for the leading cryptocurrency since it has a higher probability of sticking around. "This is the best Bitcoin advertisement I've ever heard," one user wrote.&nbsp;
It is worth noting that&nbsp;<a href="https://u.today/super-bullish-bitcoin-btc-news-coming-in-next-few-days-samson-mow" rel="noopener noreferrer nofollow">Bitcoin</a> has already experienced its fair share of dramatic drawdowns. In 2011, it experienced a 93% plunge, and it took 460 trading sessions for the cryptocurrency to recover. Despite maturing and seeing mainstream success, Bitcoin still collapsed 77% during its previous bear cycle that took place from Nov. 9, 2021 to March 4, 2024. It took the cryptocurrency 469 sessions to finally enter a bull cycle.
So far, Bitcoin has always managed to come back stronger than ever after painful bear markets.&nbsp;
Schiff, who has been one of the strongest cryptocurrency critics since as early as 2011, recently predicted that the leading cryptocurrency could crash to as low as $3,500.&nbsp;
In April, he also warned Bitcoin ETF issuers that they would be&nbsp;<a href="https://u.today/bitcoin-etf-issuers-to-face-legal-nightmare-peter-schiff-predicts" rel="noopener noreferrer nofollow">facing lawsuits</a> from buyers due to substantial losses.&nbsp;

Peter Schiff Accidentally Endorses Bitcoin

U.Today

Other articles published on Jul 28, 2024

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