Summary
- Peter Schiff emphasized that Ethereum has entered a bear market compared to Bitcoin.
- He recommended that now is a good time to sell Ethereum and buy Bitcoin.
- Schiff stated that Ethereum is facing more competitors in its utility competition.
Peter Schiff, a well-known cryptocurrency skeptic, has recommended selling Ethereum (ETH) and buying Bitcoin (BTC). He emphasized that Ethereum has entered a bear market compared to Bitcoin.
On the 21st (local time), Schiff stated on his X account, "Ethereum has again reached the upper end of its trading range. If you’re holding it now, it’s a good time to sell," adding, "Selling Ethereum and using the proceeds to buy Bitcoin is a better strategy than continuing to hold Ethereum."
He said, "Personally, I wouldn’t buy either, but based on Bitcoin, Ethereum is in a bear market. The recent rise is merely a rebound within the bear market," and explained, "If you feel compelled to hold crypto assets, selling Ethereum and buying Bitcoin would be the more logical choice."
He further added, "Ethereum is in a narrative competition regarding its use cases and is facing more rivals," implying that compared to Bitcoin, there are more alternatives to Ethereum in terms of its platform utility.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
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