Economist Peter Schiff, CEO of Euro Pacific Capital and long-time cryptocurrency skeptic, advised Ethereum holders to sell ETH and buy Bitcoin during recent market volatility. His unexpected recommendation came as Ethereum traded near a six-month high of approximately $3,755. Schiff stated: "As much as it pains me to say, selling Ether and buying Bitcoin with the proceeds is a better trade than holding Ether."
Schiff justified his position by highlighting Ethereum's vulnerability to competition in the smart contract platform space, contrasting it with Bitcoin's more established "digital gold" narrative. "Ether has more acknowledged competition for the narrative of its use case," he explained, referencing rivals like Solana and Cardano challenging Ethereum's dominance in decentralized applications and DeFi.
Market reaction remained muted despite Schiff's comments, with no significant institutional trading volume shifts reported. The crypto community displayed divided reactions, with some dismissing his advice due to his history of incorrect crypto predictions, while others acknowledged Bitcoin's perceived stability during altcoin pullbacks. Ethereum developers and the foundation offered no public response to Schiff's critique.