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 cr
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