Economist Peter Schiff, known for his criticism of cryptocurrencies, is urging investors to sell Ethereum (ETH) and buy Bitcoin (BTC) . Schiff, who has a long history of criticizing cryptocurrencies, argues that Ethereum is near the top of its trading range, making it a good time to sell .
In a post on X (formerly Twitter) on July 21, Schiff stated that selling Ethereum and buying Bitcoin is a better trade, even though he admitted it pains him to say it . He believes that the recent upswing in Ethereum is merely a bear market rally rather than a sustained recovery . Schiff believes that Ethereum faces more competition compared to Bitcoin, which continues to dominate as the leading digital asset .
Schiff's recommendation comes at a time when Ethereum's push towards $4,000 has faltered, with the asset retreating amid profit-taking . At the time of writing, ETH is trading at $3,640.3, down 2.01% in the last 24 hours . In contrast, Bitcoin is consolidating around $119,060 . Schiff argues that Ethereum is underperforming compared to Bitcoin and may continue to do so .
Furthermore, Schiff renewed his criticism of political support for digital assets . He warned that efforts to promote domestic investment in crypto, particularly under President Donald Trump, could accelerate the collapse of the U.S. dollar .
The ETH/BTC price ratio is approximately 0.031, near the lower half of its five-year range . Schiff sees this as evidence of a structural bear market for Ethereum relative to Bitcoin .
It is worth noting that Schiff's previous forecasts for Bitcoin have often been inaccurate .