TL; DR Breakdown
- Twitter poll shows people still have confidence in Bitcoin
- Majority would stick with BTC even at $3k
The crypto market seems to be going through a period of uncertainty as prices hangs in the balance between a bearish and a bullish push. Bitcoin, being the most influential, has been the focus of many analysts intrigued by its market dynamics. Of late, the crypto has been swinging back and forth between $32k and $34k, something that has led some people to believe that it’s about to enter the bear market.
This brings about the question of what would happen if Bitcoin’s price were to experience a huge crash. One BTC enthusiast sought answers to this question. Gabar Gurbacs is a director at VanEck, an entity that has been trying to get SEC to approve a Bitcoin ETF. Gabor posted a twitter poll asking his fans if they would still hold the coin if the price lost by 90% and crash-landed to $3k.
Accumulation is key
A look at the current results of the poll reveal that a good majority of BTC holders would still support it even at such low-price levels. At the time of this writing, over 4,300 people have responded to the poll. Over 67% of them are in favor of holding BTC at $3k. About 21% say they would sell off while 11% haven’t made up their minds.
In fact, a number of them intend to accumulate more BTC if the price drops. Among those responding to the poll is Eric Voorhees, CEO of ShapeShift. According to him, a 90% correction wouldn’t be as bad as the previous drop where Bitcoin lost 94% of its value and dipped from $31 to $2. The fact that the crypto is now worth over $30k is encouraging in that respect.
Better than trusting governments
A few other contributors have voiced their opinions, saying that holding BTC even at low prices is way better than selling off and holding fiat controlled by the government. Fair enough, a lot of people are venturing into cryptos because they no longer trust governments to keep fiat value stable. Governments have been printing trillions of dollars in fiat and causing inflation.
Bitcoin won’t drop to that level again
For a while now, there have been heavy sentiments that Bitcoin will never see the lows of $10k again – especially after the reward halving that occurred in May 2020. In that case, a drop to $3k seems almost impossible at this point, and a few fans aren’t afraid to say it.
Gabor’s twitter poll still has 2 more days left before the final results are drawn. It will be interesting to see what the final verdict will be.