Vocal Gold Promoter Says He’d Choose Bitcoin When Threatened With A Gun To The Head

[Ben Graham]

Ethereum’s most recent price rally has eroded Bitcoin’s dominance, representing one of the steeper movements in the crypto space in recent months.

Though both assets have registered growth, US President Donald Trump’s long-time crypto skeptic, Peter Schiff, made it plain which one he would retain in case he were forced — and it isn’t Ethereum.

ETH Pushes Past $4,000 Amid Strong Activity

Ethereum moved past $4,000 in recent trading sessions, reaching a high for 2025. Whale transactions and heavier derivatives trading have been the fuel to this price action, according to reports.

Volumes and open interest have also gone up, indicating healthy speculative demand. ETH even surpassed Bitcoin’s percentage appreciation in the previous week, further pushing eagerness up among its fans.

Well Ether is up a bit since I recommed switch it into Bitcoin, but I still think the trade will work out. If fact, it was woring well initially, until Ether just rallied late last week. I have no interest in owning either, but if you put a gun to my head, I’d chose Bitcoin.

— Peter Schiff (@PeterSchiff) August 9, 2025

Schiff, who is an economist and gold advocate, said Ether’s surge came after he had been recommending investors to transfer their ETH to Bitcoin.

Though that tack apparently paid off at first, Ethereum’s late-week surge closed the gap. “I have no interest in owning either, but if you put a gun to my head, I’d pick Bitcoin,” Schiff said on X.

Bitcoin Above $100k But Lags Behind In Terms Of Market Share

Despite the ETH rally, Bitcoin has kept its position as the largest cryptocurrency by market capitalization and the most widely adopted by institutions.

It is still above $100,000, buoyed by spot Bitcoin ETF inflows and corporate treasury buying.

Market share statistics from CoinMarketCap, however, indicate that Bitcoin’s dominance had dropped to 59%, which is 4.90% less from last month.

Ethereum’s share has grown to 12%, up 3.25% in the same period. Altcoins combined have increased their slice to 25%, a gain of 1.50%.

Abrupt Shift From June Peaks

Bitcoin dominance hit an annual high of 65% on June 27, 2025, then retreated during the following weeks. Dominance was at 61% a week ago.

The year low hit 53% during December 2024, which means current levels are still much higher than that low but still trending downwards.

Ethereum, for its part, has continued to consolidate more, nearing the top of its yearly range.

Whether it holds there or not will be a function of institutional positioning, macro trends, and continued trading momentum.

In the meantime, Schiff’s comment made clear that, if threatened, he’d still take Bitcoin over Ethereum — a rare admission from a long-time critic of both.

Featured image from Meta, chart from TradingView