Binance Founder CZ Mocks Peter Schiff Over Bitcoin Predictions After BTC Surpasses $100,000
Binance founder Changpeng Zhao, widely known as CZ, has taken a sarcastic swipe at gold advocate Peter Schiff over his long history of bearish Bitcoin predictions, reigniting attention on the economist's repeated warnings that the cryptocurrency would collapse.
“He will be right one day... after he changes his mind :)” Zhao wrote on X in response to a post by Bitcoin historian Pete Rizzo, who compiled examples of Schiff's pessimistic forecasts over the years.
Schiff has criticized Bitcoin since at least 2011, repeatedly predicting its eventual failure. However, Bitcoin later climbed above $50,000 and $100,000, surpassing price levels that Schiff had previously argued it would never reach.
Peter Schiff's Long History of Bitcoin Predictions
Schiff's criticism of Bitcoin dates back to 2011, when he dismissed the cryptocurrency as a passing fad. In November 2013, with Bitcoin trading at around $350, he compared its rapid rise to the Dutch tulip mania, a historical example of speculative excess.
During an interview with CNBC at the time, Schiff argued that Bitcoin's speculative rally would eventually collapse. Although the cryptocurrency subsequently experienced a major correction, it later recovered and went on to establish new all-time highs.
In December 2017, as Bitcoin approached $20,000 for the first time, Schiff again criticized the asset, describing it as the biggest speculative bubble he had ever seen. He also declared Bitcoin's demise during the market crash in March 2020.
Schiff acknowledged in 2021 that his earlier prediction that Bitcoin would never reach $50,000 had been wrong after the cryptocurrency climbed above that level. Nevertheless, he continued to argue that Bitcoin would eventually become worthless.
In February 2021, Schiff wrote: “While possible for there to be a temporary rise to $100K, it's inevitable there will be a permanent fall to zero.” Bitcoin subsequently moved above $100,000 in December 2024, contradicting several of his previous price forecasts.
Schiff Predicted a Bitcoin Collapse in the Next Financial Crisis
Schiff continued to make bearish predictions even after Bitcoin surpassed the milestones he had previously questioned. In April 2025, he argued that the next financial crisis would bring an end to the cryptocurrency.
“Bitcoin was created as a result of the financial crisis in 2008. But the irony of it is that the financial crisis in 2025 will be the death of Bitcoin,” Schiff wrote.
His comments formed part of a broader pattern of warnings that Bitcoin would eventually suffer a catastrophic decline, despite its recovery from previous market downturns.
Peter Schiff Softened His Bitcoin-to-Zero Prediction
Schiff appeared to reconsider one of his most prominent predictions during a debate with Bitcoin advocate Anthony Pompliano in June 2026. When asked to bet on whether Bitcoin would survive, Schiff acknowledged that the possibility of its price falling to zero was probably slim.
“It's not going to go to zero. Maybe,” he said.
However, Schiff did not abandon his broader bearish outlook. He subsequently explained that he still expected Bitcoin to suffer a decline of more than 99% in market capitalization. In his view, even if the cryptocurrency retained some value, most investors could lose the majority of their investments in such a crash.
source: u.today
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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