OMG: Peter Schiff Says Ditch ETH for BTC—But Is He Right? 🤔

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Key Insights (Or, You Know, the Cliff Notes Version):

  • Ethereum’s rally above $3,700 is driven by strong ETF inflows and rising institutional adoption. Cha-ching! 💰
  • Bitcoin critic Peter Schiff has warned ETH holders to sell and shift to Bitcoin because “ETH is a bear market bounce.” Spoiler alert: He’s not exactly Team Crypto. 🐻
  • Meanwhile, Institutional ETH holders like SharpLink are doubling down with staking and long-term strategies. Because who doesn’t love free money? 🤑

 

Ethereum recently broke through the $3,700 barrier and registered its highest point since January of last year. Cue the confetti cannons! 🎉 This recent surge has drawn much attention from both investors and critics, most notably Peter Schiff. You know, the guy who thinks Bitcoin is dumb but gold is *sooo* smart. 🪙

The economist and long-time crypto critic took to social media (because where else do we air our grievances?) to advise holders to convert their ETH into Bitcoin. Bold move, Pete. Real bold. 🧠

Schiff Calls Ethereum a “Bubble” (Because Subtlety Is Dead)

Peter Schiff, who is known for being not only a “gold bug” but also a bitcoin critic, didn’t hold back in his latest commentary. He took to X (formerly Twitter, RIP) to declare that Ethereum’s rally was nothing more than a “bubble.” And by “bubble,” he means it’s probably going to explode in everyone’s faces. 🫠

Ether is back near the upper end of its trading range again. If you own any, this is a great time to sell. As much as it pains me to say, selling Ether and buying Bitcoin with the proceeds is a better trade than holding Ether.

— Peter Schiff (@PeterSchiff)

“Ether is back near the upper end of its trading range again,” he wrote. Translation: “Sell now before it implodes!” Despite his distaste for both cryptocurrencies, Schiff argued that Bitcoin holds more stability due to its “digital gold” narrative. Meanwhile, Ethereum, on the other hand, has lost its edge in smart contract dominance as more blockchain competitors enter the market. Classic capitalism at work, folks. 🏭

According to him, Ethereum’s use case is no longer unique, and its narrative is slowly eroding. Sure, Pete, and my high school popularity didn’t erode—it was *taken*. 🥲

Fundamentals, Not Hype (Says the Guy Who Loves Gold) 🪙

While Schiff’s take was unsurprisingly bearish, Ethereum’s recent price action tells a different story. The token’s rise above $3,700 is being supported by genuine market activity, especially from institutional players. So, uh, maybe don’t listen to Pete? Just saying. 📈

Over the past week, ETH gained more than 25%, and is boosted not only by strong technical signals but a series of bullish developments. Like, you know, people actually using it for stuff. 😱

The biggest among these is the success of spot Ethereum ETFs, which have seen massive inflows recently. These ETFs have opened the door for traditional investors to gain exposure to ETH without needing to hold the asset directly. Because apparently, rich people like convenience. Who knew? 🚪

As a result, Ethereum is now drawing attention from financial institutions that previously focused only on Bitcoin. Poor BTC, getting dumped for the new shiny toy. Awkward. 😬

In addition, several public companies have started to add ETH to their treasuries. Among the most notable is SharpLink Gaming, which now holds over $1 billion worth of Ethereum. That’s a lot of Monopoly money, folks. 🎮💸

BREAKING:

SHARPLINK GAMING PURCHASED 79,949 WORTH $258M LAST WEEK.

WHALES ARE LOADING UP!

— Jeet Shah (@jeet_crypto)

The company has also announced plans to stake its ETH holdings and support the Ethereum network directly. Look at them, being all responsible and grown-up about it. 🐳

Institutional Confidence Grows Despite Schiff’s Doubts (Plot Twist!) 🎭

Schiff may doubt Ethereum’s staying power, but major companies and investors are making moves that suggest otherwise. BitMine and SharpLink are just two examples of firms betting big on ETH. Their decisions to not only hold but actively stake Ethereum show that the cryptocurrency is still a major piece of the DeFi space. Take that, Schiff. 🖕

Ethereum supporters were quick to respond to Schiff, calling his advice outdated and overly simplistic. SharpLink Gaming even edited Schiff’s post to promote staking Ethereum rather than selling it. Petty? Maybe. Effective? Absolutely. 😏

On Ethereum btw

— SBET (SharpLink Gaming) (@SharpLinkGaming)

Overall, while Ethereum may not be the only player in the space anymore, it is the most battle-tested and widely adopted smart contract platform. Analysts see highs of $8,000 – $10,000. So, uh, maybe Schiff should stick to yelling about gold? Just a thought. 🤷‍♀️

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2025-07-23 00:15