Changpeng Zhao Challenges Peter Schiff’s Longstanding Bitcoin Forecasts
Key Takeaways
- •Changpeng Zhao responded on October 19 to Pete Rizzo's list of Peter Schiff's past Bitcoin warnings, saying the longtime critic would be right one day only once he changed his position.
- •Schiff's bearish calls stretch back to 2011, and several missed the mark, including his 2021 assertion that Bitcoin would never reach $50,000, before the cryptocurrency exceeded $100,000 in December 2024.
- •During a June 2026 debate, Schiff declined Anthony Pompliano's proposed bet on Bitcoin's survival but later told Benzinga that broad ownership made a complete collapse unlikely in the near term.
- •Schiff continues to argue that Bitcoin could lose more than 99% of its market value and that even a positive price would not protect most investors from substantial losses.
- •Bitcoin traded near $82,663 on Monday after dipping below $80,000 the previous week, and Bitcoin ETFs recorded $228.4 million in weekly withdrawals between October 12 and 16.
Changpeng Zhao Responds to Peter Schiff’s Forecasts
Binance founder Changpeng Zhao challenged Peter Schiff’s longstanding bearish predictions about Bitcoin in an October 19 response to Bitcoin historian Pete Rizzo. Rizzo had shared a list of Schiff’s warnings about the cryptocurrency from different years.
Zhao wrote on X, “He will be right one day… after he changes his mind.” He did not provide a Bitcoin price target in the post.
He will be right one day… after he changes his mind. 🤣 — CZ 🔶 BNB (@cz_binance) October 19, 2026
The exchange brought renewed attention to the contrasting views held by Zhao and Schiff. Schiff has favored gold and has repeatedly questioned Bitcoin’s value as an investment, positioning the two on opposite sides of a dispute that has run since Bitcoin’s early years over whether the cryptocurrency is a durable asset or, in Schiff’s view, a speculation destined to fail. A recent comparison of Bitcoin and gold examined market data for both assets, including their historical returns and price changes.
Schiff’s Bitcoin Warnings Go Back to 2011
Schiff dismissed Bitcoin as a fad in 2011. Two years later, when Bitcoin traded near $350, he compared its price increase with the Dutch tulip bubble and warned that the speculative rally would eventually collapse. He made those comments during a CNBC interview.
As Bitcoin approached $20,000 in December 2017, Schiff again described it as a speculative bubble. He repeated his warnings during the March 2020 market crash, when prices fell across financial markets. Bitcoin subsequently recovered from both downturns.
In 2021, Schiff acknowledged that his prediction that Bitcoin would never reach $50,000 had failed. He nevertheless continued to maintain that the cryptocurrency’s price would ultimately fall to zero. Schiff also said Bitcoin might briefly reach $100,000. Bitcoin later exceeded that level in December 2024. That sequence of missed calls followed by recoveries is the record Rizzo’s list resurfaced and Zhao’s post addressed.
More recently, Bitcoin exchange-traded funds recorded $228.4 million in weekly withdrawals between October 12 and 16.
June Debate Led to a Limited Concession
During a June 2026 television debate, investor Anthony Pompliano challenged Schiff to bet on Bitcoin surviving for another decade. Schiff replied, “It’s not going to go to zero. Maybe.” He did not accept the proposed bet.
Schiff later told Benzinga that Bitcoin’s widespread ownership made a complete collapse unlikely in the foreseeable future. He maintained, however, that Bitcoin could still lose more than 99% of its market value. That softened position is the backdrop for Zhao’s quip, which implied that the longtime critic’s forecasts would only prove accurate if he stopped making them.
On Monday, Bitcoin traded near $82,663 after falling below $80,000 the previous week. Schiff argued that even a positive Bitcoin price would not protect most investors from substantial losses. He said many holders could lose nearly their entire investment if such a decline occurred.
The article was originally published by CoinCentral.
