Peter Schiff Accidentally Endorsed Bitcoin in a Recent Social Media Post

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

Bitcoin nemesis Peter Schiff appeared to endorse the leading cryptocurrency in a recent social media post on the X platform. Schiff highlighted the results of his latest poll, which showed that 87% of Bitcoin holders would still not sell the apex crypto even if its price crashed by up to 99%. Instead, these holders would continue to buy more Bitcoin on the way down. "Think about that before you buy," the financial commentator added in his social media post. While Schiff's statement was intended as a pointed critique of Bitcoin, many interpreted his polling data as an apparent endorsement of the leading cryptocurrency. Some community members noted that such a high level of conviction is bullish for Bitcoin as it suggests a higher probability of the cryptocurrency sticking around. "This is the best Bitcoin advertisement I've ever heard," one user commented. It is noteworthy that Bitcoin has indeed experienced drastic drawdowns in the past. In 2011, it faced a 93% plunge, and it took 460 trading sessions for the cryptocurrency to recover. Despite maturing and gaining mainstream attention, Bitcoin still crashed by 77% during its last bear cycle, which spanned from March 4, 2024 to March 4, 2024 It took 469 trading sessions for the cryptocurrency to finally enter a bull cycle. However, Bitcoin has always managed to return stronger than ever following bear markets. Schiff, who has been a staunch cryptocurrency critic since as early as 2011, recently predicted that the leading cryptocurrency could crash to as low as $3,500. In April, he also warned Bitcoin ETF issuers that they would be facing lawsuits from buyers due to substantial losses.

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