Stacy Pereira
- Peter Schiff advises Ethereum holders to sell ETH near the top of its trading range and switch to BTC.
- ETH supporters like SharpLink Gaming mocked Schiff’s timing and urged holders to stake ETH instead.
- Despite his long-standing skepticism toward both assets, Schiff is batting for BTC vs ETH.
Economist and crypto skeptic Peter Schiff posted on X on July 22, suggesting that since Ether is nearing the top of its trading range, now would be a prime time to sell. He suggested converting ETH into Bitcoin, calling it “a better trade than holding Ether”.
Schiff has long been bearish on cryptocurrencies. He’s consistently criticized Bitcoin, calling it overvalued and risky, while dismissing Ethereum as even more speculative. In his latest post, he claimed ETH is still in a bear-market relative to BTC and said the recent rally was just a short-lived bounce.
He responded to a X user who asked “Why would bitcoin be better than eth” by stating that “he was looking at the charts… and the way the tokens are hyped, Ether has more acknowledged competition for the narrative of its use case.” Despite his negative stance, he acknowledged that Bitcoin remains the stronger asset among the two.
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The crypto community swiftly pushed back. SharpLink Gaming, an institutional Ethereum holder with over $1 billion in ETH, mocked Schiff’s advice by reposting his tweet, encouraging staking instead of selling.
Meanwhile, crypto analyst Benjamin Cowen questioned Schiff’s timing, posting a chart of the ETH/BTC ratio and pointing out that Schiff waited until after the pair had bottomed out to make his bearish call.
ETH advocates argue that institutional flows, spot ETF demand, and staking yield still underpin its long-term potential, factors that Schiff dismisses. He has warned about the technical resistance and perceived structural weakness in Ethereum. Whereas supporters counter that with fundamentals, and now as Ether approaches resistance near $3.8–$4k, investors may soon test which narrative prevails.
