Economist Peter Schiff, known for his criticism of cryptocurrencies, advised his followers to sell Ethereum after its price surge.
Peter Schiff's Advice
Peter Schiff, an economist and known crypto critic, advised his followers on X, formerly Twitter, to sell Ethereum and buy Bitcoin as Ethereum hit a six-month high of $3,800 on July 21, 2025.
Market Reactions and Investor Sentiments
Schiff's recommendation shifted market focus to Bitcoin amid Ethereum's price surge, raising questions on crypto investment strategies. He described Ethereum's price movement as a 'phony bubble,' hinting at Bitcoin’s superior market position. These comments have significantly influenced trader sentiment.
Implications for Ethereum
Ethereum's recent price increase to $3,800 was fueled by institutional inflows and enthusiasm over potential Ethereum spot ETFs. Schiff's comments may not alter long-term trends but have sparked short-term volatility in crypto markets and community debates.
Schiff's critique highlights the growing competition in the smart contract sector and challenges to Ethereum's unique narrative amid ongoing institutional interest.
