Economist Peter Schiff suggested Monday that Ethereum (CRYPTO: ETH) holders should consider selling their holdings and buying Bitcoin (CRYPTO: BTC) instead.
What Happened: Schiff took to X to comment on the current state of the cryptocurrency market.
“Ether is back near the upper end of its trading range again. If you own any, this is a great time to sell,” he advised his followers.
When curious observers asked him about favoring Bitcoin over Ethereum, he replied, “I would not buy Ether myself, but I think Ether is in a bear market in terms of Bitcoin, and I think it just had a bear market rally.”
Schiff noted that leaving ETH for Bitcoin “makes sense” to succeed in the current cryptocurrency market.
Schiff said that he doesn’t consider Bitcoin “better” than Ethereum, but believes the second-largest cryptocurrency has “more acknowledged competition” for its use case narrative.
See Also: Trader Who Called Bitcoin, Ethereum, Solana Bottom In April Now Warns Local Top Likely In August
Why It Matters: Schiff’s comments come amid a surge in Ethereum’s value, crossing $3,800 for the first time since mid-December and closing in on the crucial $4,000 mark.
Ethereum’s recent rally has been reinforced by $3 billion in exchange-traded fund inflows this July, over $2 billion of which came in just the past week. The GENIUS Act, set to introduce regulatory clarity for stablecoins, is seen as another catalyst supporting Ethereum’s momentum.
Wall Street analysts like Tom Lee of Fundstrat predicted further gains for ETH, citing targets of $4,000 in the near term and $15,000 in the long term.
Price Action: At the time of writing, ETH was exchanging hands at $3713.95, down 0.97% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, it has gained 11.50%.
BTC was trading at 116,911, down 1.29% from the previous day. The apex cryptocurrency was up over 25% since 2025 began.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
