Peter Schiff, a prominent critic of Bitcoin, conceded during a debate that the cryptocurrency is not going to zero. The admission came during a discussion moderated by Fox Business, where Schiff faced off against Anthony Pompliano, CEO of Professional Capital Management. Pompliano framed the concession as a notable victory for proponents of the digital asset.

During the exchange, Pompliano challenged Schiff to wager on whether Bitcoin would still exist in a decade. "That's an easy bet. If you think it's going to go away, let's make a little bet," Pompliano said. Schiff responded, "Well, I can't. It's not going to go to zero. Maybe."

Following the debate, Pompliano took to X to highlight the 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 posted. Schiff did not respond to requests for comment regarding the exchange.

Schiff has a long history of skepticism toward Bitcoin, frequently labeling it a 'bubble' and declaring it 'dead' on numerous occasions. He leads the pack in Bitcoin obituaries, having declared the cryptocurrency deceased as many as 22 times. Despite this, he has previously expressed regret over not purchasing Bitcoin in its early days, citing its profit potential in a March 2024 interview.

At the time of writing, Bitcoin was trading at $66,399.08, representing a 0.98% increase over the last 24 hours, according to data from Benzinga Pro.

Galaxy Digital CEO Mike Novogratz predicts Bitcoin will reclaim the $70,000 level, assigning roughly 70/30 odds to the outcome, while expressing significant concern that the SpaceX IPO signals a dangerous market peak. Speaking on the "All Things Markets" podcast with Anthony Scaramucci, Novogratz framed the SpaceX listing as the largest initial public offering in history by a factor of three, raising approximately $75 billion compared to the $25 billion Saudi Aramco deal. The executive warned that the mechanics of the debut, rather than the business fundamentals, pose a systemic risk to the market.

Novogratz argued that the United States has no viable exit from its $40 trillion debt burden other than inflating it away, projecting that the economy will likely run 3% to 4% inflation for a decade while officials maintain a 2% target. He cautioned that a break in confidence could spike inflation toward 14%, simultaneously erasing national debt and private wealth. Comparing the SpaceX launch to the Palm IPO at the height of the dot-com bubble, Novogratz stated, "sometimes this is how great markets end."

The structural dynamics of the SpaceX listing drew specific criticism. Novogratz noted that index-rule changes from the SEC and S&P compelled passive funds to purchase the stock, creating a slice of demand entirely disconnected from valuation. Senator Elizabeth Warren (D-Mass.) urged the SEC to delay the listing, arguing that Elon Musk's super-voting shares would grant him roughly 82% of voting power post-offering.

Short seller James Chanos reinforced the skepticism surrounding the valuation. Chanos characterized the SpaceX float as a "hopes and dreams IPO," highlighting that it came public at roughly 90 times revenue, a stark contrast to the 10 to 15 times multiple typical for standard businesses. Chanos pointed to Tesla Inc. as a template for such valuations, arguing the automaker trades on promises regarding robotaxis and Full Self-Driving technology that have not yet materialized.

Prediction markets reflect skepticism regarding the timelines for these technologies. Polymarket data indicates only a 3% chance that Tesla launches robotaxis in California by June 30, and just 16% odds that its Optimus robot ships by the end of the year. Regarding the broader crypto market, Polymarket traders place only a 48% probability on Bitcoin hitting $70,000 in June, while pricing the Clarity Act's passage at 53%, down from the mid-70s earlier in the year.

Novogratz also critiqued corporate treasury strategy, labeling Michael Saylor's recent $2.5 million Bitcoin sale a mistake. He suggested that Strategy Inc. should instead issue stock to cover its dividends rather than reducing its Bitcoin holdings.