u.today
Ripple CTO David Schwartz has sparked a rather unorthodox opinion poll regarding Bitcoin (BTC). This poll comes at a strategic time when the price of the cryptocurrency is down by 4.23% over the past 24 hours to $42,097.96. With this price slump, it is easy to gather diverse opinions on whether to "HODL or smash" Bitcoin.
Smash or HODL? pic.twitter.com/y88vVh9Adl
— David "JoelKatz" Schwartz (@JoelKatz) December 10, 2023
Unsurprisingly, the comments that trailed the post show people are not as optimistic about Bitcoin as they are about XRP, the digital currency associated with Ripple Labs — where David Schwartz is a prominent member. While some of Schwartz's followers resounded that they would smash Bitcoin, a good number said they would convert to XRP and HODL.
Notably, social media is not a good indication of true investor behavior as many people’s comments are tailored to drive engagement where possible. The Bitcoin (BTC) opinion post came after a weekend of debate, in which the Ripple CTO defended Bitcoin’s honor against claims from comedian Owen Benjamin, who posited that the coin is a decentralized Ponzi scheme.
Bitcoin remains the most established digital currency, and current indications point to the fact that more people are waiting for a BTC ETF product to go all out on the asset.
Ripple CTO’s take on Bitcoin HODL
In the argument posed by the Ripple CTO, selling Bitcoin is not in the best interest of the seller, considering that the dollar that would pay for it typically gets devalued over time.
This thesis confirms Schwartz’s position and generally underscores the resolve of some of the biggest HODLers of the digital currency — especially MicroStrategy. The business intelligence and software firm has been buying Bitcoin since August 2020 and has stayed resolute against selling its stash, which has now surpassed 174,000 BTC units.
Like Ripple CTO Michael Saylor, the chairman of MicroStrategy is convinced that HODLing Bitcoin is the best bet for the long term.