Peter Schiff, a well-known gold bug and Bitcoin critic, recently revealed his crypto preference in a rather dramatic way. Even though he’s not a fan of either, if forced to choose between Bitcoin and Ethereum, he’d pick Bitcoin.
Ethereum’s Rise and Bitcoin’s Dip
Ethereum’s price has been soaring lately, even surpassing $4,000. This surge is fueled by increased trading activity, especially among large investors (“whales”). This rally has eaten into Bitcoin’s dominance in the crypto market.
While Bitcoin is still the biggest cryptocurrency by market cap, holding above $100,000, its market share has fallen. It’s now around 59%, down from a high of 65% in June. Ethereum’s share, on the other hand, has grown to 12%, and other altcoins are also gaining ground.
Schiff’s Stand: Bitcoin Under Pressure
Schiff’s comments are interesting, considering he previously advised investors to swap Ethereum for Bitcoin. While that seemed like a good move initially, Ethereum’s recent jump changed the picture. Despite this, Schiff remains firm: “Gun to my head, I’d pick Bitcoin.” This is a surprising statement from someone who’s been critical of both cryptocurrencies.
The Bigger Picture
The shift in market share is significant. Bitcoin’s dominance has been declining, although it’s still considerably higher than its yearly low. Ethereum’s strong performance is noteworthy, but its future dominance depends on various factors, including institutional investment and overall market trends. Schiff’s statement, however, highlights Bitcoin’s enduring appeal, even among its harshest critics.
