Ripple CTO David Schwartz has a rather unorthodox opinion poll on bitcoin (BTC). This poll comes at a strategic time as the price of the cryptocurrency has dropped 4.23% in the last 24 hours to $42,097.96. With this price drop, it is easy to gather different opinions on whether to “HODL or smash” bitcoin.
Not surprisingly, the comments following the post show that people are not as bullish on bitcoin as they are on XRP, the digital currency associated with Ripple Labs – of which David Schwartz is a prominent member. While some of Schwartz’s followers were echoing that they would crush bitcoin, a good number said they would switch to XRP and HODL.
Notably, social media is not a good indicator of true investor behavior, as many people’s comments are tailored to increase engagement where possible. The bitcoin (BTC) opinion piece came after a weekend of debate in which Ripple’s CTO defended bitcoin’s honor against claims by comedian Owen Benjamin that the coin is a decentralized Ponzi scheme.
Bitcoin remains the most established digital currency, and current indications are that more people are willing to go all-in on the asset.
Ripple CTO’s Take on Bitcoin HODL
In the Ripple CTO’s argument, selling bitcoin is not in the seller’s best interest, considering that the dollar that would pay for it typically depreciates over time.
This thesis validates Schwartz’s position and, more broadly, underscores the resolve of some of the digital currency’s biggest HODLers – notably MicroStrategy. The business intelligence and software company has been buying bitcoin since August 2020 and has remained resolute against selling its stash, which now stands at .
Like Ripple CTO Michael Saylor, MicroStrategy’s chairman is convinced that HODLing bitcoin is the best bet for the long term.
