TLDR
- Changpeng Zhao mocked Peter Schiff’s bearish Bitcoin predictions in an October 19 response to Pete Rizzo.
- Schiff has questioned Bitcoin’s value since 2011, repeatedly comparing its price gains to speculative bubbles.
- Bitcoin exceeded $100,000 in December 2024 despite Schiff’s earlier warnings about an eventual collapse.
- During a June 2026 debate, Schiff acknowledged that Bitcoin might never fall completely to zero.
- Schiff maintained his bearish outlook, warning that Bitcoin could still lose more than 99% of its market value.
Binance founder Changpeng Zhao has challenged Peter Schiff’s long record of bearish Bitcoin predictions, responding to a list of the gold advocate’s past forecasts. The exchange follows Schiff’s June admission that Bitcoin may never become completely worthless, although he still expects steep losses. The comments appeared on Monday, October 19.
Changpeng Zhao Replies to Schiff’s Forecasts
Zhao responded on X to Bitcoin historian Pete Rizzo, who shared Schiff’s warnings about the cryptocurrency from different years.
The Binance founder wrote, “He will be right one day… after he changes his mind.” Zhao did not give a Bitcoin price target in his reply.
He will be right one day… after he changes his mind. 🤣 https://t.co/7Ss8B4ZHvs
— CZ 🔶 BNB (@cz_binance) October 19, 2026
The exchange renewed attention on two different views of Bitcoin. Schiff has favored gold and regularly questioned Bitcoin’s value as an investment. A recent Bitcoin versus gold comparison examined market data for both assets, including their historical returns and price changes.
Schiff’s Bitcoin Warnings Date Back to 2011
Schiff dismissed Bitcoin as a fad in 2011. Two years later, when it traded near $350, he compared its price surge to the Dutch tulip bubble and warned that the speculative rally would eventually collapse. He made those remarks during a CNBC interview.
As Bitcoin approached $20,000 in December 2017, Schiff again called it a speculative bubble. He repeated his warnings during the March 2020 market crash, when prices fell sharply across financial markets. Bitcoin later recovered from both downturns.
In 2021, Schiff acknowledged that his prediction about Bitcoin never reaching $50,000 had failed. However, he maintained that the price would ultimately reach zero. He also said Bitcoin might briefly rise to $100,000. Bitcoin later crossed $100,000 in December 2024. More recently, Bitcoin ETFs recorded $228.4 million in weekly withdrawals between October 12 and 16.
June Debate Brought a Limited Concession
During a June 2026 television debate, investor Anthony Pompliano challenged Schiff to bet on Bitcoin surviving another decade. Schiff replied, “It’s not going to go to zero. Maybe.” He did not accept the proposed bet.
Schiff subsequently told Benzinga that widespread ownership made a complete collapse unlikely in the foreseeable future. Even so, he predicted Bitcoin could lose more than 99% of its market value. On Monday, Bitcoin traded near $82,663 after falling below $80,000 the previous week.
Schiff maintained that even a positive Bitcoin price would not protect most investors from large losses. He said many holders could lose nearly their entire investment if such a decline occurred.
