Foreign media reports that Peter Schiff, a long-time Bitcoin bear, has once again targeted crypto market supporters. He cited an online poll showing that even with extreme Bitcoin price drops, many holders will not accept his long-term bearish view, describing this attitude as an "almost religious" adherence.
The poll received 16,000 responses.
The poll concluded on June 6th, and the question was at what level Bitcoin would have to fall for supporters to accept Schiff's assessment as correct. According to reports, the poll received 16,070 responses, with the results clearly skewed to one side.
Nearly 60% of the participants stated that even if Bitcoin were to plummet to near zero, they would not accept Schiff's bearish conclusion. Schiff subsequently criticized this reaction, arguing that it was irrational and strongly biased.
Schiff names MicroStrategy
In addition to criticizing retail investor sentiment, Schiff extended the discussion to the model of publicly traded companies holding Bitcoin, specifically mentioning MicroStrategy under Michael Saylor's leadership. This company has consistently increased its Bitcoin holdings through financing in recent years, becoming one of the most closely watched corporate Bitcoin holding cases in the US stock market.
Schiff argues that the market may be overly optimistic about the pressure range for such companies. In his view, Bitcoin doesn't need to fall to extreme levels for corporate balance sheets to experience significant pressure. He further claims that MicroStrategy could face bankruptcy if Bitcoin falls to $20,000.
The disagreement remains between price and belief.
Schiff is known for his long-standing support of gold and opposition to Bitcoin, and has repeatedly questioned Bitcoin's value fundamentals, volatility, and sustainability as a corporate reserve asset over the years. This statement continues his consistent stance and reflects the long-standing divisions within the crypto market.
The report did not provide further details regarding the source of the voting sample, the participant structure, or the methodology, making the results closer to a sentiment observation on a social media platform than a rigorous market survey. The article's core argument is that in a market with highly volatile prices, the gap between investor beliefs and risk tolerance remains a focal point of the Bitcoin debate.
