04.12.2025 17:27
During a highly anticipated debate at Binance Blockchain Week in Dubai, Changpeng "CZ" Zhao and Peter Schiff engaged in a spirited confrontation over the fundamental merits of Bitcoin versus gold. After an amicable start filled with handshakes and lighthearted jokes, CZ immediately challenged Schiff's well-known advocacy for tokenized gold, asserting that such systems are inherently flawed due to their deep-seated reliance on centralized control and trust in a third party.
Initiating his argument, Peter Schiff dismissed Bitcoin with his characteristic skepticism, labeling it a purely speculative asset devoid of any intrinsic value. "It's that you can't do anything with it," Schiff contended, arguing that its only utility lies in its transferability from one person to another. He framed the cryptocurrency as a financial game of "hot potato" with no real-world function, a critique that CZ met with a calm and knowing smile.
As a superior alternative, Schiff presented the concept of tokenized gold. He passionately argued that a transaction involving such an asset constitutes the genuine transfer of ownership of the underlying physical metal, a crucial feature he claimed is entirely absent in Bitcoin's design, which he views as a transfer of nothing tangible.
In a moment of theatrical flair, CZ countered Schiff's theoretical points with a practical demonstration. Producing a piece of physical gold from his pocket, he highlighted its significant logistical weakness, noting the immense difficulty of transporting it across international borders. In contrast, he pointed to Bitcoin’s proven track record, emphasizing its remarkable appreciation in value over the past 15 years as a testament to its global utility and demand.
Unyielding in his position, Schiff then escalated his critique, shifting his focus to CZ's enterprise by pointedly accusing Binance of operating like a casino. He relentlessly hammered home his central thesis that the vast majority of people engage with Bitcoin not for any practical purpose, but as a form of high-stakes gambling on a massive scale.
