As Ethereum ETH/USD continues its downward slide since Eric Trump recommended buying the second-largest cryptocurrency, renowned economist Peter Schiff cautioned against taking investment advice from the Trump family on Sunday.

What Happened: Schiff was reminded by an X user of the famous “It’s a great time to add ETH” remark by Eric Trump, the Executive Vice President of The Trump Organization and President Donald Trump’s second son.

“Yes, it’s best not to take any investment advice from the Trumps,” Schiff stated.

Schiff’s views were countered by another user, JB rocks, who wondered if the cryptocurrency critic would say the same if the Trumps promoted gold.

It’s worth noting that Schiff is an avid advocate of gold, aggressively pitching the yellow metal as an investment.

See Also: Shiba Inu Burn Rate Surges 1,973% In A Day: Why Is SHIB Not Going Up? – Benzinga

Notably, ETH has plunged 45% since Eric’s advice. Moreover, Bitcoin BTC/USD has slid over 12% since he wrote, “₿uy the dips," in an X post from late February.

However, the declines haven’t been limited to the market heavyweights. President Trump’s Official Trump TRUMP/USD, which POTUS called “the greatest of them all” last month, has cratered by 37% since the remark.

Cryptocurrency markets have faced persistent pressure from Trump’s tariff policies this year, mirroring the losses in equities. In the last month, the total cryptocurrency market capitalization has shrunk 13%, with nearly $380 billion in investors’ wealth eroded.

Price Action:  At the time of writing, ETH was exchanging hands at $1,539.37, down 14.78% in the last 24 hours, according to data from Benzinga Pro. Bitcoin traded at $77,534.51, down 6.87%.

Image via Shutterstock

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