CZ hits back at Peter Schiff’s “brutal bear market” warning, dismissing the gold advocate’s Bitcoin criticism as short-sighted and historically insignificant.
Binance co-founder Changpeng Zhao (CZ) has pushed back against Peter Schiff’s latest prediction for Bitcoin.
This is after the economist’s recent warning of a “brutal” bear market looming over the digital asset.
Critic Mocks BTC’s Fall
Schiff, a well-known Bitcoin critic, said via X that the cryptocurrency’s 32% decline since August against gold shows that investors are losing confidence in its long-term value.
“Gold is eating Bitcoin’s lunch. Bitcoin is now down 32% priced in gold since its August high. This Bitcoin bear market will be brutal,” he wrote.
He further encouraged holders to sell their “fool’s gold” and buy the real asset, claiming that those who failed to do so would suffer losses.
CZ responded to Schiff’s latest prediction with sarcasm, referring to it as “Peter revenge.” He explained that while his argument might be right in the short term, such occurrences represent only about 1% of Bitcoin’s 16-year history. During that period, the cryptocurrency has risen from $0.004 to $110,000 despite occasional declines against the metal.
Joe Hill joked that the gold advocate is “stuck in the 1970s,” suggesting that the metal could face a bear market if the leading cryptocurrency declines. Meanwhile, popular trader The Bitcoin Therapist said he is considering selling his digital holdings to move entirely into gold and is seeking guidance.
Tony Edward, founder of the Thinking Crypto Podcast, argued that an upcoming liquidity rotation could allow Bitcoin and the wider crypto market to outperform these traditional assets.
You may also like:
The “De-Bitcoinization” Trend
Schiff’s latest remarks come after Bitcoin’s recent underperformance compared to gold. The cryptocurrency peaked at around $126,000 in early October but fell to about $105,000 today, a 17% drop in USD terms. Against gold, the decline was even steeper, with it losing 32% of its value from August to today. On the other hand, the metal climbed to a record high of $4,300 per ounce.
He described the current trend as a “de-bitcoinization” and “de-dollarization,” referring to a weakening of the narratives that once presented the flagship cryptocurrency as a better alternative to traditional stores of value like gold and currencies like the U.S. dollar.
This is part of ongoing commentary from the financial commentator who saw him challenge the cryptocurrency’s narrative as ‘digital gold.’ Schiff believes that Bitcoin’s price trajectory is a warning that it is in a deeper bear market.
The digital asset is currently trading around $106,025. This marks an over 12% drop in the past week and nearly 16% below its August all-time high.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
