Sell $ETH and Buy $BTC? Peter Schiff says to ignore Ethereum, and bet big on Bitcoin instead.
In a controversial call, gold advocate and Bitcoin skeptic Peter Schiff has urged crypto investors to sell Ethereum and buy Bitcoin, citing ETH’s surge to a six‑month peak as evidence that its rally is nearing its end.
Of course, coming from Schiff – longtime crypto skeptic and firm believer in gold and silver – it’s possible that there’s some exaggeration happening.
Is Schiff onto something? Is Ethereum at its peak – or is it just getting started?
Ethereum’s price recently climbed 25% in a week, reaching highs around $3.8K, its highest since January. The surge was propelled in part by record inflows into spot ETH ETFs and increased institutional activity.
That doesn’t seem like a bad thing, but Schiff argues that Ethereum is still in a bear market when compared to Bitcoin. In his own words:
I would not buy either myself, but I think Ether is in a bear market in terms of Bitcoin, and I think it just had a bear market rally. So if you want to won (sic) crypto, selling Ether to buy Bitcoin makes sense.
Schiff also compared the long-term case for Ethereum versus Bitcoin, noting that there’s much more competition in the spaces Ethereum occupies – DeFi, staking, etc. In contrast, no other crypto works as a store of value quite like Bitcoin does.
Also remember that Schiff called Bitcoin a ‘Ponzi scheme’ the same day and returned to a familiar theme: the benefits of investing in gold and silver.
But while Schiff correctly noted the competition in the DeFi space, he may have overlooked another aspect: ever-growing institutional $ETH adoption.
In two recent examples:
Of course, Bitcoin may gain its own advantages. While the Bitcoin Layer 1 blockchain isn’t natively compatible with the growing crypto economy of dApps and DeFi, planned Layer 2 projects – like Bitcoin Hyper ($HYPER) – could level the playing field with Ethereum.
Want to beat Ethereum at its own game? Design a blockchain that unlocks faster, cheaper transactions with the only crypto that’s bigger than Ethereum.
Staking is one example. Users will be able to stake Bitcoin natively on Bitcoin Hyper; in the meantime, early investors can earn an estimated 231% APY by buying and staking $HYPER in the ongoing presale.
Peter Schiff’s recommendation to trade $ETH for $BTC stands as a provocative challenge to the prevailing bullish sentiment. Is there any truth to it?
While Ethereum’s outlook remains positive with institutional flows and staking strategies, Bitcoin Hyper shows the future still runs through Bitcoin, until proven otherwise.
Do your own research and come to your own conclusions; this isn’t financial advice.
