Peter Schiff, a gold advocate and Bitcoin perma-bear conducted a Twitter survey to which 28,168 users answered and it has some shocking revelations to make. The prices of a bitcoin have stayed below $10,000 for a while.
Schiff’s Twitter poll asked how long it would take for Bitcoin holders to sell their holdings as the price continued to stay below $10,000. The responses of the 28,168 respondents tallied to 57.5% of the respondents answering that they will keep their Bitcoin share until the end. Close to 15% of the respondents they will wait and watch for a year before making any move and selling their share of bitcoins.
About 14% said they will wait for up to 4 years before planning to sell theirs and 13.4% said that they will exit only after a decade, if at all.
Schiff, a very well-known Cryptocurrency Critic and the chairman of Schiffgold, a dealer of precious metal, has been tweeting anti-Bitcoin remarks for many years now. As per him, Gold is any day better than Bitcoins and that “Only fools are choosing Bitcoin over gold,” Bitcoin is not a safe space it is correlated to equities, which is very volatile, he feels.
It is plausible that the poll result illustrates the faith with which investors hold regarding Bitcoins, even as the price struggles.
The Industry overview:
Bitcoin has been struggling to get out of the $9,000 price range and has been stuck between $9,000 and $10,000 in the last 35 days. It had returned in negative values for the month of June and was run over by other cryptocurrencies like LINK and ADA.
What experts Suggest:
Currently, Bitcoin is trading at $9,191 within the $9,000 to $9,200 range. Analysts consider this level as important for sparking Bitcoin’s long-awaited price rally and expect it to only go higher.
The results of Schiff’s poll suggested many of his followers are into Bitcoin, or at least many Bitcoin holders have a high conviction of its Market potential.
Also, Schiff’s belief that Bitcoin’s value might slump to zero might not happen, because Bitfinex, a crypto exchange offers to buy all bitcoins for 1% of their values; ensuring that the world’s first cryptocurrency will never go lower than that price.
Read more: PEOPLE OPT FOR DIVERSIFICATION AS US DOLLAR WEAKENS AGAINST OTHER OPTIONS