Peter Schiff advises Ethereum owners to sell when the ratio of ETH to BTC reaches 0.031.
Peter Schiff, a longtime gold supporter and crypto skeptic, is once again advising investors to sell Ethereum (ETH). He did not base his appeal on ideology when he suggested that people “leave while prices are near the top of the range” in a post on X (previously Twitter).
Schiff, a vocal opponent of cryptocurrency, made the unexpected admission that “it is better to flip into Bitcoin than to hold Ether.” He responded, “I’m just looking at the charts,” when asked for clarity, adding that Ethereum is more competitive than Bitcoin, which continues to be marketed as “digital gold.”
Since Bitcoin is currently trading at $118,000+ and Ethereum is trading at $3,677, the ETH/BTC ratio is at 0.031, which is close to the bottom of the five-year range.Schiff sees this as evidence of a structural bear market for ETH vs BTC and says “Selling Ether to buy Bitcoin makes sense”.
Historically, Bearish Calls Were Seldom Correct
Schiff’s most recent warning fits into a pattern of ill-timed predictions that have continuously understated the strength of Bitcoin.
Schiff’s earlier bearish calls:
February 2024: Bitcoin reached $118K after the $100K rise was declared over.
March 2024: Forecasted that after gold touched $5,000, it would plummet to $10K—Bitcoin remained steady.
Late 2023: Bitcoin was predicted to decline before to ETF approvals; spot ETFs were introduced in January 2024, and the price of bitcoin rose in November 2018: predicted that Bitcoin would fall to $750 from $3,800—Bitcoin experienced a multi-year surge.
The market has mostly disregarded his suggestions for cryptocurrency as contrarian noise, despite the fact that his gold-focused investment strategy has not changed.
Ethereum’s Dominance Is Under Attack
Schiff claims that ETH’s supremacy is eroding despite its use in smart contracts and DeFi. He highlights how Layer-1 chains are becoming more competitive and how altcoin spot ETFs are becoming more likely, which could divert investors’ focus from Ethereum.
However, Schiff’s argument depends on a decline in the ETH/BTC ratio. The market will dismiss this as yet another failure if Ethereum holds or performs better. Schiff will be correct, at least in a relative sense, if the ratio drops.
Important Market Data:
Price of ETH: $3,677; Price of BTC: $118,000+* 0.031 0.030 to 0.085
Important Market Data:
Price of ETH: $3,677 Price of BTC: $118,000+; ETH/BTC 5-Year Ratio Range: 0.030 to 0.085; Ratio: 0.031
Although Ethereum’s future is still up in the air, Schiff’s pessimistic forecast has reignited the controversy in the cryptocurrency community between charts and fundamentals.
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