Prominent Bitcoin advocate and gold proponent Peter Schiff has reiterated his call for investors holding Ethereum (ETH) to swap it for Bitcoin (BTC), citing long-term market dynamics favoring Bitcoin’s dominance.
Schiff emphasized his conviction in Bitcoin’s supremacy despite acknowledging Ethereum’s recent price appreciation and growing market share relative to other cryptocurrencies.
Current market data shows Bitcoin priced near $118,125 with a market dominance of 59.1%, while Ethereum trades around $4,213.86 holding a market share of approximately 13%.
The decline in the ETH/BTC ratio further underscores Ethereum’s relative weakness against Bitcoin, a trend noted by Schiff.
Broader market dynamics, including sustained inflows into spot Bitcoin ETFs and shifts in investor sentiment towards Ethereum and altcoins, provide context to Schiff’s recommendation. His stance highlights the ongoing debate surrounding Bitcoin’s dominance versus the rise of competing blockchain platforms.
Schiff’s view remains consistent, viewing Bitcoin as the superior long-term store of value despite Ethereum’s technological innovations and increasing usage.