In a new post on X on July 21, Peter Schiff, a long-time cryptocurrency skeptic and gold advocate, urged Ethereum (ETH) holders to exit as prices hovered "near the top of its trading range." "If you own any, now is a great time to sell," he wrote, adding that—although he was very pained to admit it—converting the proceeds into Bitcoin "is a better trade than holding Ether."

Sell Ethereum, Buy Bitcoin

Schiff doubled down when asked by a follower. "I don't think it's [better]. I'm just looking at the chart," he replied, arguing that the Ethereum narrative faces "more public competition" compared to Bitcoin's digital gold narrative.

At the pixel time, Ether was trading at around $3,650 while Bitcoin was trading above $118,000, bringing the ETH/BTC ratio down to nearly 0.031—heading towards the lower half of the five-year range.

Schiff believes this weak ratio reflects a structural bear market for Ether compared to Bitcoin. "I think Ether is in a bear market relative to Bitcoin, and I think it just had a rally in a bear market," he told a user who asked him about the fundamentals, concluding: "So, if you want to own cryptocurrency, selling Ether to buy Bitcoin makes sense."

Not everyone is convinced. Veteran cycle analyst TechDev responded dryly: "Thank you for your service, sir," referencing Schiff's earlier call that "the party is over" back in February before Bitcoin's spring rally.

A Familiar Chorus—And A Familiar Outcome

The warning based on Schiff's latest chart comes after a series of bearish milestones that have misfired at every stage of Bitcoin's long-term growth. On February 25, he declared: "Turn off the lights, the #Bitcoin 100,000 party is over... the bear market has just begun." Less than five months later, Bitcoin is still comfortably hovering above $118,000.

Just a month after the February warning, he predicted a complete collapse to $10,000 when gold reaches $5,000, arguing that Bitcoin would capitulate "95% from its 2021 peak." By the end of 2023, he conducted a Twitter poll and concluded—contrary to the poll results—that Bitcoin would "collapse before the ETF launches." Spot ETFs were approved in January 2024; Bitcoin never looked back.

Back in November 2018, when Bitcoin was trading at $3,800, he asserted that the price of Bitcoin "could easily drop another 80% from this price and at $750 it would still be expensive." The rest is history.

Currently, Schiff argues that Ethereum's dominance in the smart contract space is being eroded as Layer 1 competitors gain market share and as regulators gradually approve other altcoin spot ETFs.

Whether this latest prediction joins the growing inventory of poorly timed pessimistic forecasts will depend on the ETH/BTC trading pair. If altcoin volatility does not continue, Schiff may ultimately be proven right; if the ratio reverses, his argument for trading relative to Bitcoin will be validated even if his absolute bearish case remains unproven. Currently, the market is still holding its judgment.