59% of Bitcoiners Reject Schiff's Bearish Case Even if Bitcoin Crashes to $0

According to Bitcoin.com News, a poll shared by economist Peter Schiff on June 6 drew over 16,000 votes, with 59% of surveyed bitcoiners rejecting the notion that even a total collapse to $0 would validate his bearish thesis. The survey asked at what price bitcoiners would concede Schiff's predictions; 18.7% pegged $20,000, 8.3% selected $10,000, and 13.9% chose $1,000 as thresholds. Schiff criticized the results, calling the sentiment "not rational" and "a cult."

Schiff's warning carries corporate weight due to MicroStrategy's (Nasdaq: MSTR) significant Bitcoin holdings of 845,256 BTC, valued at $53.852 billion. If Bitcoin fell to $25,000, the company could face a near $43 billion unrealized loss, Schiff projected.