DeutschCrypto opponent Peter Schiff is actively calling for the purchase of Bitcoin. This attitude is quite unusual for the economist. After all, he has been one of the most well-known haters of Bitcoin for years. Precisely during the current market situation, he justifies his statement with the even greater rejection of another coin.
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Peter Schiff: why the Bitcoin Hater is Now Recommending BTC Purchases
Peter Schiff is considered one of the most well-known Bitcoin haters in the English-speaking world. The US American has been publicly criticizing BTC and all other cryptocurrencies for years. He actively warns against investments – at least normally.
Despite initial skepticism, Schiff himself owned Bitcoin until 2020. After losing access to his Bitcoin wallet, his criticism of the cryptocurrency intensified even further.
Schiff likes to compare Bitcoin with the Dutch tulip mania of the 17th century. In other words: BTC is actually worthless and its enormous price gains are only due to a speculative bubble.
Despite his well-known animosity towards Bitcoin, the economist was motivated yesterday to make a statement that apparently supports Bitcoin – and at the expense of another coin.
“Ether is back at the high end of its range. If you own [Ethereum], now is a good time to sell. As much as it pains me to say it, selling Ether and buying Bitcoin with the proceeds is better than holding Ether.”
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Schiff therefore advises investors against holding the second largest cryptocurrency. His assessment contradicts the expectations of many crypto experts. Ethereum struggled for months with its public reputation and technological development until a new management took over the Ethereum Foundation in the spring of 2025.
Does Ethereum Have a more Difficult Position in the Long Term than Bitcoin?
In his assessment, Schiff refers to the basic tasks of the two blockchains. Bitcoin and Ethereum are only partially competitors. The focus of both networks differs.
While Bitcoin serves as a decentralized means of payment, Ethereum, in addition to fulfilling this task, is intended to serve as a platform for a new era of the Internet – Web3. In this role, however, ETH does not have the market dominance that Bitcoin has in its sector, Schiff believes. Ether has to deal with very large and popular competition.
“Ether has more recognized competition for its use case [than Bitcoin]”, Schiff argued yesterday.
According to the economist’s assessment, Ethereum is still in a bearish cycle phase. Bitcoin, on the other hand, is in a bull market. At first, Schiff’s statement sounds quite accurate, after all, BTC recently reached an all-time high of over 123,000 US dollars, while Ethereum has not been able to set a new record since 2021.
However, Schiff published his assessment while Ethereum was bringing about a turnaround. In the monthly trend, ETH is writing gains of 61 percent and is thus clearly overtaking the Bitcoin price, which only recorded a gain of 15 percent in the same period.
The well-known crypto price analyst Benjamin Cowen also noticed Schiff’s untimely explanation. He reacted publicly critically to the economist’s presentation.
“You had 4 years to say that ETH would lose to BTC, and you only say it after this development is over”, Cowen replied to Schiff’s comment.
You had 4 years to say that ETH/BTC would bleed and you finally say it after the bleeding is over. pic.twitter.com/DQQ5HJaidu
— Benjamin Cowen (@intocryptoverse) July 21, 2025
Although Schiff’s explanation contradicts the unanimous opinion of many crypto experts, it gained some attention in the crypto scene. Since yesterday, 1.6 million users have read the article. Thousands reacted to it.
