- Schwartz’s poll reflects contrasting sentiments between Bitcoin and XRP.
- Social media reactions unveil skepticism towards Bitcoin amid price slump.
- Ripple CTO’s defense of Bitcoin follows debates sparked by comedian Owen Benjamin.
Ripple’s Chief Technology Officer, David Schwartz, has stirred the crypto community by initiating a unique opinion poll centered around Bitcoin (BTC). This poll gains significance amidst Bitcoin’s recent 4.23% dip in value over the last 24 hours, bringing it to $42,097.96. In the face of this price volatility, the question of whether to “HODL or smash” Bitcoin has ignited diverse reactions within the crypto space.
Smash or HODL? pic.twitter.com/y88vVh9Adl
— David “JoelKatz” Schwartz (@JoelKatz) December 10, 2023
Responses to Schwartz’s poll on various social media platforms indicate a noticeable contrast in sentiment between Bitcoin and XRP, the digital currency associated with Ripple Labs. Schwartz, a prominent figure at Ripple Labs, witnessed followers expressing skepticism towards Bitcoin, with some advocating for selling (smashing) Bitcoin and transitioning to the more optimistic stance of HODLing XRP.
However, it is essential to approach social media commentary with caution, recognizing that opinions shared online might not accurately reflect genuine investor behavior. This unconventional Bitcoin opinion poll unfolded following a weekend filled with debates, during which Schwartz staunchly defended Bitcoin against comedian Owen Benjamin’s claims, labeling the cryptocurrency a decentralized Ponzi scheme.
Despite the ongoing discussions, Bitcoin continues to uphold its status as the most established digital currency. Current market trends suggest a growing interest in a Bitcoin ETF product, with more investors seemingly poised to capitalize on the cryptocurrency.
Schwartz’s perspective on Bitcoin HODLing aligns with the broader argument that selling Bitcoin may not be in the seller’s best interest. He emphasizes that the dollar used for the sale typically undergoes devaluation over time. This viewpoint echoes the sentiments of other major Bitcoin HODLers, notably MicroStrategy. The business intelligence and software firm has consistently accumulated Bitcoin since August 2020, steadfastly resisting any temptation to sell its substantial holdings, now exceeding 174,000 BTC units.
Drawing parallels with MicroStrategy’s Chairman, Michael Saylor, Schwartz underscores the conviction that HODLing Bitcoin remains the most prudent strategy for long-term investors. This stance resonates with a growing cohort of crypto enthusiasts who view Bitcoin as a resilient and enduring asset in the rapidly evolving landscape of digital currencies.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.