Peter Schiff, the well-known economist and gold bug, has long been one of Bitcoin’s most vocal out-skeptics. As an example, just recently he encouraged his followers to liquidate their Ethereum positions in favor of Bitcoin. This unexpected piece of advice comes hot on the heels of Schiff’s combative performance at the 2025 Bitcoin Conference in Las Vegas. It demonstrates a dramatic change in his overall narrative on the two most popular cryptocurrencies. Schiff, who has likened Bitcoin to the Dutch tulip mania and previously dismissed it as "no better than a fiat currency digital gold," believes that Ethereum is nearing the top of its trading range, while Bitcoin offers a stronger long-term value proposition. Given that he has over 1.1 million followers on X, his recommendation generated a great deal of discussion and controversy within the cryptocurrency community.
Schiff's Unexpected U-Turn
Schiff’s advice marks a significant change in his attitude toward BTC and ETH. For years, Schiff has been pretty vocally anti-Bitcoin. For one, he frequently derides it as a speculative asset devoid of any intrinsic worth. He has long been the world’s foremost goldbug, advocating gold as the best long-term store of value and deriding Bitcoin as a temporary craze.
Most recently, he made an appearance at the 2025 Bitcoin Conference in Las Vegas. Cast as the villain, he played right into his own hands and reputation as a Bitcoin nemesis. A lot of crypto enthusiasts are scratching their heads at his recent endorsement of Bitcoin over Ethereum. This transformation is all the more glaring in light of his decades of criticism.
Schiff’s newfound change of heart comes in the wake of his realization that Ethereum and Bitcoin is the current trading ranges. He believes Ethereum is getting close to the top of its range. This implies that it has very little upside potential. In contrast, he says Bitcoin has a more attractive risk-reward profile.
Rationale Behind the Recommendation
On July 22, 2025, Schiff opened X to inform his followers and the world to “sell your ether and buy bitcoin.” In a recent blog post, he explained his reasoning, arguing that ETH’s price was approaching an all-time high.
"Ether is back near the upper end of its trading range again. If you own any, this is a great time to sell. As much as it pains me to say, selling Ether and buying Bitcoin with the proceeds is a better trade than holding Ether." - Peter Schiff
Schiff's argument centers on his belief that Ethereum's current valuation leaves it vulnerable to a potential correction, while Bitcoin possesses greater resilience and long-term growth prospects. He has previously described BTC as "no better than a fiat currency digital gold."
He’s of the opinion that Bitcoin is one of the most interesting distilled investment propositions. This has been particularly true for those seeking a store of value within the digital asset ecosystem. While he has previously dismissed BTC as inferior to gold, his recent comments suggest a recognition of Bitcoin's relative strength compared to Ethereum.
Market Implications and Investment Strategy
Schiff’s pronouncements have a lot of weight because of his long-extant reputation as an economist and investment strategist. Yet while he’s still a firm defender for gold, his openness to Bitcoin’s potential has struck a chord with gold investors.
Strategists advise buying Bitcoin during price corrections near a support area as low as $100,000. They think the optimal time to take profits will be around the resistance barrier at $120,000, or slightly under. These levels offer possible guideposts for investors looking to act on Schiff’s advice.
Schiff’s newfound opposition sheds light on Ethereum’s current impermanence and Bitcoin’s underlying solidity. Investors would do well to evaluate their own personal risk tolerance and investment goals before acting on any recommendations made by Schiff.
