Binance co-founder Changpeng Zhao responded to Peter Schiff’s prediction of a brutal Bitcoin (CRYPTO: BTC) bear market on Thursday, highlighting the leading cryptocurrency’s historical outperformance against gold.
Zhao sarcastically admitted that Bitcoiners “should have listened” to Schiff’s forecast now that BTC has plunged 32% against gold since its August peak. He did, however, point out that the two-month period represents only 1% of BTC’s 16-year existence.
“I am sure Bitcoin fluctuated negatively against gold more than that, except BTC went from $0.004 to $110,000 in 16 years,” the cryptocurrency mogul countered.
See Also: Bitcoin (BTC) Price Predictions: 2025, 2026, 2030
Zhao’s argument had merit. While BTC has fallen 32% against gold in the last two months, longer timeframes suggested a different story.
Over the last five years, BTC has jumped 317% against the yellow metal. Similarly, it has increased by 8673% over a 10-year timeframe.
Schiff has stepped up the attack against BTC amid gold’s record-breaking run, questioning the "Digital Gold" narrative touted by a big section of Bitcoiners. While gold reached fresh highs at $4,370 per troy ounce, BTC fell further to $107,000 on Thursday.
He predicted a “brutal” bear market for the asset and urged its holders to sell it for gold to avoid “going broke.”
Price Action: At the time of writing, BTC was trading at $109,016.76, down 2.30% over the last 24 hours, according to data from Benzinga Pro. Year-to-date, the asset has gained 15%.
Spot gold was up 0.86% to $4,363.65 per ounce, having jumped over 60% this year.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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