Peter Schiff Explains Why Bitcoin Isn't Going To Zero, But For Most Investors 'It Will Feel Like Zero' (UPDATED)

Editor’s Note: This story has been updated to include a comment from Peter Schiff.

Anthony Pompliano, CEO of Professional Capital Management, framed Peter Schiff’s admission on Monday that Bitcoin (CRYPTO: BTC) “isn’t going to zero” as a win.

Schiff Vs Pompliano

The two individuals with diametrically opposite views on Bitcoin faced off in a debate moderated by Fox Business.

At a point in the debate, Pompliano challenged Schiff to make a bet on whether Bitcoin would still be around in a decade.

“That’s an easy bet. If you think it’s going to go away, let’s make a little bet,” Pompliano told Schff.

“Well, I can’t. It’s not going to go to zero. Maybe,” Schiff responded.

Pompliano Claims It As A Win

Later on X, Pompliano spun Schiff's remarks as a gotcha moment.

“I got Peter Schiff to admit Bitcoin is not going to zero on national television. Next, he will reveal he owns a bunch of Bitcoin too…,” Pompliano said.

Schiff told Benzinga that, with so many people now owning and trading Bitcoin, its price dropping to zero in the foreseeable future is “highly unlikely.”

“But for all practical purposes, for most investors, it will feel like zero,” the economist added. “Bitcoin will lose over 99% of its market value, even if it still trades above zero.”

Schiff Is Known For Predicting BTC Doom

Schiff has a long track record of calling Bitcoin a ‘bubble’ and leads the pack in Bitcoin obituaries, having declared it ‘dead’ as many as 22 times.

A section of Bitcoin enthusiasts accused him of secretly owning the cryptocurrency, an accusation he has dismissed as being “drunk on the Kool-Aid.”

That said, in one of the interviews in March 2024, he wished he had bought the world’s largest cryptocurrency back in 2010, given its profit potential. 

Pompliano, on the other hand, remains an ardent advocate of Bitcoin. He has expressed frustration about Bitcoin bears who predict the cryptocurrency’s demise every few years, advising people to be wary of such predictions.

Price Action: At the time of writing, BTC was exchanging hands at $66,399.08, up 0.98% in the last 24 hours, according to data from Benzinga Pro.

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