CZ Turns the Tables on the Gold Standard Advocate

Binance founder Changpeng Zhao shared a sarcastic response to a compilation of Peter Schiff’s repeated calls for Bitcoin’s demise, suggesting the gold bull would eventually prove correct if he simply changed his position.

The remark came on October 18, 2026, in response to a nearly three-minute video that gathered clips of Schiff’s comments dating back to 2011. Schiff has consistently described Bitcoin as a speculative bubble, a Ponzi scheme, and “digital fool’s gold,” predicting at various points that the asset would reach zero.

Schiff’s Track Record of Bearish Calls

Schiff first dismissed Bitcoin as a fad in 2011. In November 2013, when the cryptocurrency traded near $350, he likened its surge to the Dutch tulip mania and warned of an impending collapse. He reiterated the bubble warning in December 2017 as prices approached $20,000 for the first time and again in March 2020 during a market crash.

In February 2021, Schiff wrote that while Bitcoin might experience a temporary spike to $100,000, “it’s inevitable there will be a permanent fall to zero.” That year he acknowledged his earlier prediction of $50,000 had been wrong, yet maintained his long-term outlook for collapse. In April 2025 he forecasted that a financial crisis would end Bitcoin’s run.

June 2026 Debate Offers Limited Survival Concession

During a debate with Bitcoin advocate Anthony Pompliano on June 15, 2026, Schiff was asked whether Bitcoin would survive another 10 years. “It’s not going to go to zero. Maybe,” he replied. He later clarified that a zero price was highly unlikely in the foreseeable future but still expected the asset’s market capitalization to decline by more than 99 percent, noting that investors would still suffer significant losses even if the price did not reach absolute zero.

Bitcoin Surpasses Key Milestones Schiff Once Dismissed

Bitcoin reached $100,000 in December 2024 and has since traded near $82,500 as of mid-October 2026. Schiff has expressed surprise at this resilience, stating in a recent clip that he does not know what is holding the asset up because it “should be a lot lower than that.” Despite the price gains, he has not altered his fundamental thesis that Bitcoin’s value will ultimately erode dramatically.

Broader Context in the Gold-versus-Bitcoin Debate

The exchange of views between Zhao and Schiff highlights a persistent divide between hard-money proponents who favor precious metals and those who view Bitcoin as a decentralized store of value. Zhao has previously argued that Bitcoin could surpass gold’s market value in the next cycle, while Schiff continues to advocate gold as superior. Neither side has shifted course after years of public debate, leaving the outcome of the 2026 bull market uncertain in the eyes of Bitcoin’s most vocal critics.