Peter Schiff Accidentally Endorses Bitcoin

Bitcoin nemesis Peter Schiff accidentally endorsed the leading cryptocurrency in a recent social media post on the X platform.

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 even if its price were to crash by as much as 99%. In fact, these holders would keep buying more Bitcoin all the way down.

“Think about that before you buy,” the financial commentator added in his social media post.

Even though Schiff’s statement was meant to be a pointed critique of the leading cryptocurrency, many saw his polling data as an apparent endorsement of Bitcoin.

Some community members have pointed out that such a high level of conviction is actually bullish for the leading cryptocurrency since it has a higher probability of sticking around. “This is the best Bitcoin advertisement I’ve ever heard,” one user wrote.

It is worth noting that Bitcoin has already experienced its fair share of dramatic drawdowns. In 2011, it experienced a 93% plunge, and it took 460 trading sessions for the cryptocurrency to recover. Despite maturing and seeing mainstream success, Bitcoin still collapsed 77% during its previous bear cycle that took place from Nov. 9, 2021 to March 4, 2024. It took the cryptocurrency 469 sessions to finally enter a bull cycle.

So far, Bitcoin has always managed to come back stronger than ever after painful bear markets.

Schiff, who has been one of the strongest cryptocurrency critics 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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