Binance Founder CZ Mocks Peter Schiff Over Years of Failed Bitcoin Crash Predictions

Binance founder Changpeng Zhao has challenged Peter Schiff’s long history of bearish Bitcoin predictions, questioning the gold advocate’s market outlook. According to Zhao’s X response, Schiff might eventually predict Bitcoin correctly, but only after abandoning longstanding expectations of a collapse.

“He will be right one day… after he changes his mind,” Zhao wrote.

Zhao reacted to a post by Bitcoin historian Pete Rizzo, who highlighted several bearish forecasts Schiff made across different market cycles. The exchange highlighted predictions that failed to materialize as Bitcoin recovered from major downturns and reached higher valuations.

Schiff has criticized Bitcoin since 2011, describing the cryptocurrency as a speculative asset with little lasting value. In November 2013, Schiff compared Bitcoin’s rally near $350 to the Dutch tulip mania during an interview with CNBC.

The economist expected speculative demand to collapse, even as Bitcoin later recovered from major corrections and set new price records. By December 2017, Bitcoin approached $20,000, prompting Schiff to describe the cryptocurrency as an exceptionally large speculative bubble. Schiff repeated bearish warnings during the March 2020 market crash, maintaining doubts about Bitcoin’s ability to preserve long-term value.

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Peter Schiff Revises Bitcoin Zero Prediction Despite Persistent Bearish Outlook

Schiff’s predictions faced another challenge in 2021 when Bitcoin crossed $50,000, contradicting an earlier forecast about that price level. The gold advocate acknowledged the incorrect prediction but maintained that Bitcoin would eventually lose its entire market value.

In February 2021, Schiff argued that Bitcoin could temporarily reach $100,000 before experiencing a permanent collapse toward zero. Bitcoin subsequently surpassed $100,000 in December 2024, undermining another part of Schiff’s earlier assessment of its potential price.

Despite those developments, Schiff predicted in April 2025 that another financial crisis would ultimately destroy Bitcoin. The economist linked that expectation to Bitcoin’s origins during the 2008 financial crisis, anticipating a different outcome during future turmoil.

Significantly, Schiff modified part of that position during a June 2026 debate with Bitcoin supporter Anthony Pompliano. During the exchange, Schiff acknowledged that Bitcoin might never reach zero, departing from earlier predictions of complete market failure.

“It’s not going to go to zero. Maybe,” Schiff remarked when challenged about Bitcoin’s survival.

Nevertheless, Schiff maintained that Bitcoin could lose more than 99% of its market capitalization without disappearing entirely. Such a decline would leave Bitcoin trading above zero while causing substantial losses for investors holding the cryptocurrency.

CZ Challenges Schiff’s Bitcoin Outlook Following Revised Price Prediction

Zhao’s response therefore targeted Schiff’s repeated predictions rather than introducing a new Bitcoin price forecast or market projection. The Binance founder’s remarks highlighted the contrast between Schiff’s historical warnings and Bitcoin’s performance across multiple market cycles.

Schiff’s revised position leaves the disagreement centered on Bitcoin’s long-term valuation rather than whether the cryptocurrency can survive.

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