Binance founder CZ mocks Peter Schiff's long record of bearish Bitcoin calls
In brief
- Changpeng Zhao mocked Peter Schiff on X over his record of bearish Bitcoin predictions.
- Pete Rizzo, a Bitcoin historian, compiled Schiff's calls in the post Zhao replied to.
- Schiff has criticized Bitcoin since at least 2011, when he dismissed it as a fad.
- Schiff conceded in June 2026 that zero was unlikely, yet still expects a 99%+ drop.
What Zhao posted
The post was short. Zhao's reply sat under a post by Bitcoin historian Pete Rizzo that pulled together Schiff's bearish calls on BTC (and there's a long list to pull from), as U.Today reported.
"He will be right one day... after he changes his mind :)" Zhao wrote on X.
A record that goes back to 2011
Schiff's criticism of Bitcoin dates back to at least 2011, when he dismissed it as a fad, according to U.Today. In November 2013, with BTC trading around $350, he compared its growth to the Dutch tulip mania. He also said in a CNBC interview that he believed Bitcoin's speculative run would eventually collapse; the asset corrected sharply but later recovered to new all-time highs.
In December 2017, as Bitcoin neared $20,000 for the first time, Schiff called it the biggest speculative bubble he'd ever seen. He declared Bitcoin's demise during the March 2020 market crash, too.
Then came 2021. Schiff admitted that year his earlier prediction that BTC would never reach $50,000 was wrong, as the price rose above that level. In February 2021, he wrote that a temporary rise to $100,000 was possible but that a permanent fall to zero was inevitable, per U.Today's account.
Bitcoin climbed above $100,000 in December 2024.
Schiff didn't back off. In April 2025, he predicted the next financial crisis would be the end of Bitcoin, U.Today reported.
Softer on zero, still bearish
His position has shifted a little (though not much). In a June 2026 debate with Anthony Pompliano, a Bitcoin bull, Schiff admitted the chances of Bitcoin falling to zero were probably slim, according to U.Today. He later explained that he still expects Bitcoin to suffer a drop of more than 99% in market capitalization, with most holders losing most of their investment.
So it isn't the change of mind Zhao was joking about. Schiff's view, as U.Today describes it, is still that Bitcoin's market cap will shrink by more than 99%, even if he no longer thinks it'll go all the way to zero.
Frequently asked questions
What did CZ say about Peter Schiff?
Binance founder Changpeng Zhao wrote on X that Schiff "will be right one day... after he changes his mind," according to U.Today. He posted it as a reply to a post by Bitcoin historian Pete Rizzo that compiled Schiff's pessimistic Bitcoin predictions over the years.
Does Peter Schiff still think Bitcoin will go to zero?
In a June 2026 debate with Anthony Pompliano, Schiff admitted the chances of Bitcoin falling to zero were probably slim, U.Today reported. He later said he still expects Bitcoin to lose more than 99% of its market capitalization, with most holders losing most of their investment.
