CZ fires back at Peter Schiff’s latest Bitcoin criticism

CZ returns to Peter Schiff’s ‘brutal bear market’ warning and dismisses 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 digital assets.

Critic mocks BTC’s fall

Schiff, a well-known Bitcoin critic, said via

“Gold is eating Bitcoin’s lunch. Bitcoin is now down 32% from 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 assets, claiming that those who did not do so would suffer losses.

CZ responded with sarcasm to Schiff’s final prediction, referring to it as “Peter’s revenge.” He explained that while his argument might be correct in the short term, such events only represent 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 proponent is “stuck in the 1970s,” suggesting the metal could face a bear market if the major cryptocurrency falls. Meanwhile, popular trader The Bitcoin Therapist said he is considering selling his digital assets to fully venture into gold and is seeking advice.

Tony Edward, founder of the Thinking Crypto Podcast, argued that an upcoming liquidity rotation could allow Bitcoin and the broader crypto market to outperform these traditional assets.

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The ‘de-Bitcoinization’ trend

Schiff’s latest comments come after Bitcoin’s recent underperformance versus gold. The cryptocurrency peaked at around $126,000 in early October, but fell to around $105,000 today, down 17% in USD. Against gold, the decline has been even steeper, 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 US dollar.

This is part of the ongoing commentary from the financial commentator that has seen him challenge the narrative of the cryptocurrency as ‘digital gold’. Schiff believes that Bitcoin’s price trajectory is a warning sign that it is in a deeper bear market.

The digital asset is currently trading around $106,025. This represents a decline of more than 12% in the past week and almost 16% below the all-time high in August.