Peter Schiff claims that Ether has limited potential for rise and suggests switching to Bitcoin, which has sparked controversy in the community.

Famous gold supporter and long-time Bitcoin critic Peter Schiff recently stated that Ethereum (ETH) is at a disadvantage compared to Bitcoin, suggesting that investors consider selling ETH for BTC. Although ETH has recently surged to $3800, attracting market attention, Schiff insists that its upward potential is limited. This statement has triggered a fierce reaction in the crypto community, including criticisms and rebuttals from analysts and coin-holding enterprises.

Peter Schiff warns of Ethereum's relative weakness, suggests switching to Bitcoin

In a post on the X platform on July 21, Peter Schiff claimed that Ethereum is in a "bear market structure" against Bitcoin, and the current price rebound is just a temporary bear market bounce. He noted that ETH is currently close to the upper end of its price range, with limited upward potential, and therefore suggested that investors consider exiting their ETH positions at this time.

Schiff also stated that under the current market conditions, Bitcoin has more trading value than Ethereum. When asked why he is bearish on Ethereum, he emphasized that his viewpoint is not based on bias but rather on chart analysis.

He added that while there is a general skepticism towards encryption assets, Ethereum is facing more intense competition in terms of narrative and application scenarios, which undermines its market position relative to Bitcoin in the long run.

ETH price breaks through $3800, institutional buying and ETFs drive the pump

Peter Schiff's remarks come at a time when the price of Ethereum is experiencing a strong rebound. ETH has surpassed 3800 USD, reaching a new high for the past six months. This pump is driven by record inflows into spot Ethereum ETFs and increasing interest from institutional investors.

Data shows that ETH has risen by about 25% in the past week and nearly 7% in the past year. In addition, an increasing number of corporate financial reserves are leaning towards ETH. Publicly traded companies like BitMine and SharpLink have recently significantly increased their holdings of Ethereum as part of their corporate asset reserves.

The encryption community fiercely rebuts, SharpLink's sarcastic response sparks heated discussion

Peter Schiff's "sell Ethereum" suggestion quickly sparked a strong reaction from the encryption community. SharpLink Gaming was the first to speak out, even mocking Schiff's original tweet by altering it to "encourage staking ETH" to express their opposition to his viewpoint.

SharpLink's move also reflects its strong confidence in the long-term value of Ethereum. The company had previously disclosed that it holds over $1 billion in ETH and has staked part of its assets to earn returns while simultaneously supporting the security of the Ethereum network.

Cryptocurrency analyst Benjamin Cowen also posted the ETH/BTC chart on X, refuting Schiff's "outdated viewpoint." Cowen pointed out that the ETH/BTC had already completed its bottoming before he made his remarks, suggesting that Schiff may have missed the best selling opportunity.

Conclusion: Peter Schiff once again questions the investment value of Ethereum, sparking heated discussions in the market. Although his technical chart views have some logic, Ethereum is currently favored by ETFs and institutional funds, and the market fundamentals are continuously improving. For encryption investors, how to view the ratio changes of ETH/BTC will become an important reference for future market positioning.