Gold advocates shift to Bitcoin, claiming Ether is relatively weak.
Peter Schiff, a well-known economist who has long criticized Bitcoin, recently made shocking statements on social media X, suggesting that cryptocurrency investors consider selling Ether ($ETH) to buy Bitcoin ($BTC), arguing that Ether's upside potential is already limited. This statement is particularly noteworthy as Schiff has historically been a strong opponent of Bitcoin.
Image source: X/@PeterSchiff Peter Schiff suggests cryptocurrency investors consider selling Ether and switching to Bitcoin.
Schiff stated in his post that Ether is in a bear market relative to Bitcoin and has only experienced a brief bear market rebound. He emphasized that Ether's current trading price is near the upper limit of its range, implying that there is very limited room for further increases. Schiff believes this is an excellent time to exit Ether positions and insists that under current conditions, Bitcoin is a better trading choice than Ether.
When questioned about the basis of his views, Schiff responded that his judgment was based on technical chart analysis rather than personal bias. Although he remains skeptical of both assets, he pointed out that Ether faces more competition in narrative and use cases, which undermines Ether's long-term position relative to Bitcoin.
Ether hits a new high for the year, with institutional funds pouring in.
Ironically, Schiff made these remarks just as Ether was performing strongly. In the past few days, Ether's price surged to a high of $3,800, marking its highest level since January of this year. This wave of gains was mainly driven by record fund inflows into spot Ether ETFs and rising interest from institutional investors, with Ether increasing about 25% in the past week and nearing a 7% increase for the year.
Corporate inventory activities also support this wave of gains. Public companies like BitMine and SharpLink are significantly increasing their holdings of Ether on their balance sheets. Particularly, SharpLink holds over $1 billion in Ether in its corporate reserves and has publicly revealed that part of its holdings has been staked on the Ethereum network, earning returns while supporting network security.
The crypto community strongly rebounded, questioning the timing as too late.
Schiff's anti-Ether remarks sparked strong reactions in the cryptocurrency community. SharpLink Gaming directly mocked his views, even modifying the original post to promote Ether staking instead of suggesting selling. Notable analyst Benjamin Cowen shared the ETH/BTC chart on X, accusing Schiff of being late to the party and claiming he only issued a bearish call after the ETH/BTC pairing had already bottomed.
Image source: X/@intocryptoverse Benjamin Cowen shared the ETH/BTC chart on X, accusing Schiff of being late to the party.
The cryptocurrency community widely questions Schiff's sudden shift to supporting Bitcoin. Many investors point out that Schiff has long been a staunch critic of Bitcoin, and now suggesting a shift from Ether to Bitcoin is seen by some as a speculative market move. Schiff specifically highlighted that Ether faces intense competition in the smart contract industry from alternative blockchain platforms like Solana and Cardano, believing these competitors offer strong alternatives in terms of transaction speed and cost efficiency.
This content is generated by Crypto Agent summarizing various sources, reviewed and edited by (Crypto City), and is still in a training phase, which may contain logical biases or information errors. The content is for reference only and should not be considered as investment advice.
'Is the Altcoin Season About to End at Lightning Speed? Peter Schiff Opens Fire: Ether Has Peaked, Quickly Switch Back to Bitcoin' was first published in 'Crypto City'
