- CZ ridiculed Schiff’s bearish remarks, pointing out that Bitcoin has grown from $0.004 to over $110,000 in 16 years, despite its recent decline against gold.
- Schiff doubles down on gold’s dominance, urging investors to sell Bitcoin as precious metal hits record highs this year.
Binance co-founder Changpeng ‘CZ’ Zhao has responded to economist Peter Schiff’s warning about a potential Bitcoin crash. Zhao pointed out, with some sarcasm, that despite the recent decline, Bitcoin has maintained much better performance than gold over the years.
CZ refutes Schiff’s Bitcoin bear market claim
Changpeng Zhao finally responded to Peter Schiff’s recent post predicting a brutal Bitcoin bear market. Schiff, a longtime critic of digital assets, compared Bitcoin unfavorably to gold, saying gold is “eating Bitcoin’s lunch.”
Essentially, he said, the cryptocurrency Bitcoin has lost 32 percent of its value versus gold since August.
Meanwhile, Chao sarcastically said Bitcoiners “should have listened” to Schiff’s advice two months ago. But this short period only accounts for about 1% of the total, he noted. Bitcoin’s 16 years of history.
Furthermore, Zhao emphasized that although Bitcoin’s price has temporarily declined, its overall growth has far outpaced gold’s performance.
According to data from Trading View, Bitcoin has soared from just $0.004 in its early days to more than $110,000 in 16 years. It has appreciated 317% compared to gold over the past five years, with a 10-year growth rate of over 8,600%. The numbers underscore Zhao’s point that short-term declines do not determine an asset’s long-term value.
In other news, discussed Previously, more than 172 publicly traded companies currently hold approximately 1.02 million Bitcoins, nearly 5% of all coins in circulation. Business and institutional interest in Bitcoin continues to grow. This indicates the increasing value and importance of this asset.
Peter Schiff urges investors to turn to gold amid market decline
It’s worth noting that Peter Schiff has long questioned Bitcoin’s reputation as “digital gold.” For context, Featured In a recent interview, BlackRock CEO Larry Fink admitted he was wrong about Bitcoin and now recognizes it as digital gold and a legitimate asset.
But Schiff used recent market movements to reinforce his view that traditional gold remains a more stable store of value. This happened after Bitcoin fell to around $105,000 following President Trump’s announcement of 100% tariffs on Chinese goods. mentioned In a previous post.
Schiff noted that gold has hit a new record of over $4,370 an ounce. Meanwhile, Bitcoin continues to decline, trading at around $105,237.57 at the time of writing. Schiff warned Bitcoin investors that the decline could get worse and urged them to sell and move their funds into gold.
Still, Zhao’s comments showed a clear difference in opinion between traditional economists and crypto supporters. Despite recent volatility, Bitcoin is still up about 15% since the beginning of the year. Meanwhile, gold has risen more than 60% this year, mainly due to high investor demand and global economic woes.
What is noteworthy is that the discussion between the two gold But Bitcoin supporters continue, Zhao’s comments reflect a consensus in the crypto industry that short-term price fluctuations should not undermine Bitcoin’s stable growth and long-term strength.
