Peter Schiff, a long-time Bitcoin critic, has advised crypto investors to consider selling Ethereum (ETH) for Bitcoin, arguing that ETH has limited upside. His comments come despite Ethereum’s sharp rally to its highest price since January. Schiff’s remarks triggered strong reactions from the crypto community and analysts.
Peter Schiff Warns of Ethereum Weakness as Price Reaches $3,700
In a recent X post, Peter Schiff stated that Ethereum is in a bear market relative to Bitcoin and suggested it only experienced a short-lived bear market rally. He emphasized that Ether is trading near the upper end of its range, implying limited upside.
According to Schiff, this is an opportune time to exit Ether positions. He maintained that Bitcoin is a better trade than ETH under current conditions.
When questioned about the reasons for his view, Peter Schiff responded in a separate X post that his opinion is based on chart patterns, not personal bias. He noted that while he remains skeptical of both assets, Ethereum has faced more competition regarding its narrative and use case.
This, in his view, weakens its long-term position relative to Bitcoin. Peter Schiff’s comments come at a time when Ethereum has seen strong price performance. Ethereum price surged above $3,700, its highest since January.
The rally was fueled by record inflows into spot Ethereum ETFs and rising institutional interest. ETH climbed around 25% over the previous week and nearly 7% in the last year.
Source: CoinMarketCap
Corporate treasury activity also supported the move. Public companies like BitMine and SharpLink added large amounts of Ether to their balance sheets.
Crypto Community Replies Schiff
Peter Schiff’s anti-Ethereum statement spurred the crypto community to react sharply. SharpLink Gaming mocked his opinion and even modified the original post to advertise Ether staking instead of selling.
SharpLink’s response is rooted in its own treasury strategy. By encouraging Ethereum staking, SharpLink shows its confidence in Ether as a productive long-term asset rather than one to be traded away.
As Coingape previously reported, SharpLink holds over $1 billion ETH in its corporate reserves. The company has publicly disclosed that a portion of its holdings is staked on the Ethereum network to earn yield while supporting network security.
Meanwhile, analyst Benjamin Cowen shared a chart of ETH/BTC in his X post and accused Peter Schiff of being late. According to Cowen, Schiff only made the bearish call after the ETH/BTC pair had already bottomed out.
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Paul
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
He can be reached via [email protected]
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