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- 📢 #Gate Square Writing Contest Phase 3# is officially kicks off!
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- 🎉 [Gate 30 Million Milestone] Share Your Gate Moment & Win Exclusive Gifts!
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"Sell ETH to buy BTC"! Schiff's rare signal: now is an excellent time to dump.
Ethereum (ETH) reported at $3,713 during the Asian early trading session today (22), following the pullback of Bitcoin (BTC). Bitcoin skeptic and gold standard advocate Peter Schiff issued a rare signal yesterday, stating that Ethereum is close to the upper limit of its trading range, believing that now is an excellent selling opportunity.
On Monday afternoon, Schiff sent a strange message to his 1.1 million followers on the X platform, urging them to sell Ether and buy BTC with the proceeds.
Schiff has compared this dominant cryptocurrency to the "Tulip Mania" bulbs of the Dutch Republic in 1634, having condemned Bitcoin supporters for over a decade and ridiculed the concept of "digital gold."
Schiff once said in a 2013 interview with CNBC: "I don't think Bitcoin is a substitute for gold. It's not better than fiat currency."
But after many years of interacting with the Bitcoin community, even Schiff cannot deny the success of this digital asset.
Surprisingly, he gave a speech at the Bitcoin conference in 2025, but as an opponent rather than a supporter.
However, at the start of this week, Schiff told his audience to dump ETH and invest the profits in BTC.
Schiff said: "Ethereum is once again approaching the upper limit of its trading range. If you own any, this is a great selling opportunity. Although I hate to admit it, selling Ethereum and using the proceeds to buy Bitcoin is a better trade than holding Ethereum."
The crypto community angrily criticizes Schiff
The crypto community criticizes Schiff's claims. Sharplink Gaming is one of the companies with a large ETH reserve, and even edited Schiff's original post on X, arguing that Ethereum should be advocated for, rather than dumping.
Analyst Benjamin Cowen also introduced the topic through a long ETH/BTC market chart tweet. He went on to claim that Schiff's warning came too late and added that the ETH/BTC ratio may have already bottomed out.
His recent speech is unlikely to change the minds of ETH bulls, although they have certainly reignited the debate about the fate of the world's largest crypto asset.