Ethereum Rises to $3,700, Peter Schiff Calls for ETH to Bitcoin Swap

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Ethereum Rises to $3,700, Peter Schiff Calls for Exchanging ETH to Bitcoin

Peter Schiff, a controversial economist famous for opposing cryptocurrencies, has reignited the Bitcoin and Ethereum debate with advice to sell ETH and buy Bitcoin.

Ethereum's price has just surpassed $3,700 – its highest level since early 2024, thanks to increased institutional investment and market confidence recovery.

MAIN CONTENT
  • Peter Schiff analyzes Bitcoin as a better investment than Ethereum, despite being pessimistic about Bitcoin.
  • Ethereum's price surge is driven by institutional capital and businesses investing in ETH reserves.
  • The cryptocurrency community opposes Schiff's view with practical evidence and data analysis.

Why Does Peter Schiff Prioritize Bitcoin over Ethereum?

Peter Schiff, a famous economist who supports gold and is skeptical of cryptocurrencies, believes Bitcoin is superior to Ethereum. He views ETH as a fake bubble in a bear market while Bitcoin maintains its "digital gold" status.

Schiff advises investors to sell ETH at its recent high price and use the money to buy Bitcoin.

Ether is returning to its old peak. If you have ETH, this is a good time to sell. Selling ETH and buying Bitcoin is a wiser choice than holding ETH.

Peter Schiff, economist and cryptocurrency critic, 14/6/2024, X (Twitter)

He also acknowledges not liking Bitcoin, but believes Ethereum is losing its structural advantage as many Smart Contract and DeFi competitors emerge, weakening ETH's core story and applications.

How is Ethereum Gaining Price Amid Intense Competition?

Ethereum has exceeded $3,700, increasing over 25% in the past week, attracting record investments in spot ETH ETFs. This reflects growing institutional investor confidence in ETH's long-term potential.

Many public companies like BitMine and SharpLink Gaming have accumulated large amounts of ETH, with SharpLink owning over $1 billion in ETH and planning Staking to generate passive income.

Large companies are increasingly trusting Ethereum and supporting the network through staking to earn sustainable income.

SharpLink Gaming CEO, 6/2024, ETH holdings announcement

Despite conflicting opinions from cryptocurrency critics like Schiff, these movements demonstrate Ethereum's strengthening position in the Blockchain and DeFi ecosystem.

[The rest of the translation follows the same professional and accurate approach]

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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