Peter Schiff says Ethereum's (CRYPTO: ETH) heading for a crash — but Bitmine Immersion Technologies Inc's (AMEX:BMNR) billionaire backers are already neck-deep in it. While the gold bug was busy declaring Bitcoin's (CRYPTO: BTC) break below $100K a "finally" moment, his bigger warning — that Ether's about to fall under $3K — has turned into a philosophical face-off with some of crypto's loudest believers.
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Schiff's Crash Call Meets BitMine's Conviction
Schiff's latest prediction is pure gold bug gospel: Ether, he says, is unraveling after losing nearly 40% from its August highs and erasing all its 2025 gains. But BitMine doesn't seem to be listening. The crypto-mining firm has been quietly accumulating ETH reserves for months, positioning itself as one of the largest Ethereum holders among public miners — a move that looks less like capitulation and more like long-term conviction.
Read Also: Ethereum’s Price Crash Sinks Bitmine Immersion Technologies (BMNR) Stock
The Billionaire Triangle Behind BitMine
BitMine isn't some fringe miner — it's backed by three of the most recognizable names in modern investing. Peter Thiel's Founders Fund owns a 9.1% stake in the company, signaling confidence that BitMine's immersion mining technology could dominate Ethereum's next compute cycle.
Cathie Wood's ARK Invest went even bigger, initially purchasing 4.8 million shares worth $182 million, and has since added to its position as part of its broader bet on decentralized infrastructure.
At the top of it all sits Tom Lee, the veteran Wall Street strategist and chairman of BitMine, whose bullish views on Ethereum are well-known. Though his personal stake isn't publicly disclosed, Lee's presence alone telegraphs the conviction that ETH's future will outlast its current price pain. Together, this trio gives BitMine the credibility — and capital — to keep hoarding while others flinch.
Investor Takeaway
If Schiff is right, Ether's just another speculative mirage ready to vanish below $3K. But if BitMine's billionaire believers are right, this selloff is simply a stress test before the next wave of institutional buying. The contrast couldn't be starker: one side stacking gold, the other stacking Ether — and right now, it's the market's faith, not just its wealth, being tested.
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