Peter Schiff Once Questioned Wisdom Of HODLing Ethereum At $1,200 —Since Then, The Second-Largest Crypto Has Soared 116%

Peter Schiff is well-known for his dismissive remarks about Bitcoin (CRYPTO: BTC), but the famed economist has also occasionally taken potshots at its younger sibling, Ethereum (CRYPTO: ETH).

What happened: The cryptocurrency market started to reverse sharply in 2022, following the massive bull rally in 2021. ETH wasn't aloof, collapsing from $3,450 in April to the early $1,000s by mid-June.

In a May post on X, then Twitter, Schiff painted a bearish outlook, warning that Ethereum would fall to a level around $1,000. 

The second-largest cryptocurrency eventually slipped to $1,200 in the next two weeks, validating his prognosis.

"I warned you guys about this less than three weeks ago. If you’re still HODLing Ethereum at $1,200, it’s your own fault," Schiff said.

See Also: Bill Gates Left Behind By Satoshi Nakamoto: Bitcoin Creator’s Wealth Now Eclipses That Of Microsoft Co-Founder Amid Crypto’s Sharp Rebound

But this was nearly three years ago. Fast forward to 2025, and ETH was trading at $2,595.26 as of this writing, representing a massive 116% upside.

So, if you bet $1,000 on an inverse Schiff trade (assuming that’s a thing) and invested it in ETH, it would be worth $2,162 today.

Schiff has been critical of spot Ethereum (CRYPTO: ETH) exchange-traded funds, as well as its endorsement by the Trump administration.

"The worst part for investors is that ETH still has a long way to fall," he said in early March.

That said, one must not lose sight of the fact that in the shorter timeframe, ETH has struggled, losing 11% in a year and 23% since 2025 began. Experts highlighted a range of factors behind the underperformance, including Dencun Upgrade-induced inflation and a shift in on-chain meme activity to other networks like Solana (CRYPTO: SOL).

Price Action:  At the time of writing, ETH was exchanging hands at $2,595.26, down 3.56% in the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy: VPLAB On Shutterstock.com

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