Peter Schiff Doubles Down: ’Dump ETH for BTC Now’ as Ethereum Surges to $3,700
Gold bug turned crypto critic Peter Schiff fires his latest salvo—just as Ethereum punches through $3,700. The Euro Pacific Capital CEO's timing? Impeccable as ever.
Schiff's latest provocation lands mid-rally, urging traders to abandon ETH for Bitcoin. Never mind that Ethereum's network activity just hit a 90-day high—or that institutional inflows are outpacing BTC's for the first time since 2023.
The move reeks of Wall Street's favorite game: talking your book while the other side counts their stacks. Schiff's track record? Spotty at best—remember his 2022 prediction that BTC would 'never' reclaim $30K?
Meanwhile, ETH staking yields continue printing at 5.2%—because nothing says 'bad investment' like risk-free returns. But what do yields matter when you've got narratives to push?
Ethereum surges on ETF inflows and corporate DeFi deals
Unlike Schiff’s onslaught, the latest rip on Ether results from strong play in the crypto space. ETH rallied over $3,700 amid record inflows into spot Ethereum ETFs. These products are a magnet for large institutional investors who consider Ether a credible investment to earn a return on.
The token has surged more than 25% over the past week, driven higher by both technical momentum and a bit of fundamental news. Ethereum has been flat over the past year, gaining just 7% in the recent trend of Ether’s price, a sign that growth is accelerating.
Public companies have been part of the problem, too. BitMine and SharpLink Gaming are the latest companies to join the game of corporate Ether treasuries. Even more impressive, SharpLink has well over 1B in ETH alone, and they have publicly stated they will stake and run in support of the network to generate passive income.
Those kinds of moves suggest that institutions increasingly believe in Ethereum’s long-term prospects even as Bitcoin skeptics like Schiff continue to wonder whether it has legs.
Crypto fans fire back at Schiff
The crypto community fired back at Schiff’s claims. SharpLink Gaming, one of the companies with large ETH reserves, even edited Schiff’s original X post to advocate for staking Ethereum instead of dumping positions. The shift rebutted and offered a savvy sales pitch for their treasury strategy.
Analyst Benjamin Cowen also chipped in on the subject through a long ETH/BTC market chart tweet. He went on to claim that Schiff’s warning was a case of too little too late, adding that the Ethereum-to-Bitcoin ratio probably had already bottomed before Schiff made his comments.
Schiff has made waves in the crypto world before. A staunch backer of Gold and critic of digital currencies, he has often been at loggerheads with the crypto community. His more recent remarks are unlikely to change the minds of Ethereum bulls, though they certainly have re-ignited the debate about the fate of the world’s largest crypto assets.
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