Binance founder Changpeng Zhao mocked economist Peter Schiff’s long record of bearish Bitcoin predictions on October 19, responding to a post by Bitcoin historian Pete Rizzo. Zhao wrote on X: “He will be right one day… after he changes his mind.” The remark did not include a new Bitcoin price target.
Schiff has questioned Bitcoin’s value since 2011. In November 2013, when Bitcoin traded near $350, he compared the rally to the Dutch tulip mania during a CNBC interview. He repeated his warnings as Bitcoin approached $20,000 in December 2017 and during the March 2020 market crash. In 2021, Schiff admitted his prediction that Bitcoin would never reach $50,000 had failed, but he maintained it would eventually collapse to zero. Bitcoin later crossed $100,000 in December 2024.
During a June 2026 debate with investor Anthony Pompliano, Schiff offered a limited concession, saying: “It’s not going to go to zero. Maybe.” Still, he argued Bitcoin could lose more than 99% of its market capitalization. On Monday, Bitcoin traded near $82,663 after falling below $80,000 the previous week. Bitcoin ETFs also recorded $228.4 million in weekly outflows between October 12 and 16. Zhao’s response focused on Schiff’s repeated failed forecasts rather than introducing a new market projection.
