Peter Schiff Polls HODLers, Asks If They'll Sell If Bitcoin Slips Below $15K - Here's How They Responded

Economist Peter Schiff recently conducted a poll on X, questioning the resolve of Bitcoin BTC/USD HODLers in the face of a potential market downturn.

What Happened: On Tuesday, Schiff opened up the poll, asking long-term investors of the digital asset if they would sell their holdings if the cryptocurrency’s value dropped below $15,000, marking an 80% collapse from its 2024 record-high.

In keeping with his snarky humor, Schiff framed the two possibilities as “Yes, I’d cut my losses,” and “Hell no, it’s ride or die.”

This poll is for Bitcoin #HODLers. If #Bitcoin falls below $15K, an 80% collapse from its 2024 record-high, putting it beneath its 2021 bear market low, nearly 25% below it's 2017 high, will you finally throw in the towel and sell your Bitcoin?

— Peter Schiff (@PeterSchiff) July 23, 2024

As of this writing, 85.3% of respondents said they would continue to hold, despite the potential loss.

In another post, the gold bug even questioned the existence of Bitcoin ETFs, arguing that they undermine Bitcoin’s original value proposition of eliminating third-party custodians. he took this as an opportunity to support gold ETFs.

The 11 spot Bitcoin ETFs saw net outflows of $77.97 million as of July 23. The world’s largest Bitcoin fund, iShares Bitcoin Trust IBIT, attracted inflows of $71.94 million while the Grayscale Bitcoin Trust GBTC saw outflows worth $27.31 million, according to SoSo Value.

See Also: Bitcoin, Dogecoin Pull Back, Ethereum Holds Steady Amid Mt.Gox Payouts: Analyst Highlights Importance of This Level During Any Unexpected Pullback By King Crypto

Why It Matters: Schiff, a well-known known Bitcoin critic, has previously used the approval of Ethereum ETH/USD ETFs to question Bitcoin’s prospects. He argued that funds for new Ether ETFs would likely be drawn from existing Bitcoin ETFs, potentially hurting the world’s largest cryptocurrency. He reiterated this view on Tuesday.

Earlier this month, he warned that the cryptocurrency's bear market was far from over and predicted further downsides for Bitcoin. Since this prognosis, Bitcoin has jumped 18%.

Price Action: At the time of writing, Bitcoin is exchanging hands at $66,001.15, down 2.36% in the last 24 hours, according to data from Benzinga Pro.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.