Changpeng Zhao Criticizes Peter Schiff for Pessimistic Bitcoin Predictions

Changpeng Zhao (CZ) of Binance recently made a sarcastic remark towards well-known gold advocate Peter Schiff, famous for his predictions about the fall of Bitcoin (BTC). "He will be right one day... after he changes his mind :)" Zhao wrote on X. He was responding to a post by Bitcoin historian Pete Rizzo, who compiled numerous pessimistic predictions by Schiff over the years. This brought Schiff's long-standing skepticism towards the leading cryptocurrency back into the spotlight, which dates back to at least 2011.

In December 2017, when Bitcoin was approaching the $20K mark for the first time, Schiff reiterated his negative opinion on the cryptocurrency, calling it the biggest speculative bubble he had ever seen. Schiff also proclaimed Bitcoin's demise during the market crash in March 2020. In 2021, he admitted that his previous prediction that BTC would never reach $50K was wrong, as Bitcoin then soared above that mark. Nevertheless, he remained steadfast in his belief that Bitcoin would eventually become worthless. "While a temporary rise to $100K is possible, there will inevitably be a permanent decline to zero," Schiff wrote in February 2021. Bitcoin eventually rose above $100K in December 2024, disproving many of Schiff's predictions.

However, the economist's pessimistic forecasts did not stop there. In April 2025, he predicted that the next financial crisis would spell the end of Bitcoin. "Bitcoin was created as a result of the 2008 financial crisis. But the irony is that the financial crisis of 2025 will be Bitcoin's death," Schiff noted. Interestingly, this year Schiff seemed to change his stance on one of his most controversial predictions. In a debate with Bitcoin advocate Anthony Pompliano in June 2026, he acknowledged that the chances of Bitcoin falling to zero were probably slim. "It won't go to zero. Maybe," he said when asked about betting on Bitcoin's survival. However, he later clarified that he still believes Bitcoin will see a market cap decline of more than 99%, but even if Bitcoin survives and trades with positive value, most people will lose the majority of their investments as a result of such a drop.