TLDR
- CZ defended Bitcoin by highlighting its verifiability, utility, and scarcity in comparison to gold.
- Peter Schiff dismissed Bitcoin as “nothing,” emphasizing gold’s practical uses and real-world value.
- CZ demonstrated Bitcoin’s verifiability by showing how transactions are instantly confirmed through blockchain technology.
- Schiff admitted Bitcoin’s verifiability but questioned its overall worth and practical applications.
- CZ argued Bitcoin has real-world utility, improving payment systems and making transactions faster.
Changpeng “CZ” Zhao, the founder of Binance, and economist Peter Schiff recently debated the value of Bitcoin versus gold at the Binance Blockchain Week. CZ defended Bitcoin by highlighting its verifiability, utility, and scarcity, positioning it as a superior asset compared to gold. Schiff, on the other hand, dismissed Bitcoin, calling it “nothing” and emphasizing gold’s real-world use and scarcity.
Schiff Dismisses Bitcoin’s Verifiability, Value
During the debate, CZ focused on Bitcoin’s verifiability as a key advantage. He pointed out that Bitcoin transactions are easily verifiable through blockchain technology, which offers instant confirmation. In contrast, Schiff struggled to verify the authenticity of a gold bar that CZ had handed him. This example illustrated CZ’s point that Bitcoin transactions are more transparent and verifiable than gold, which lacks such a clear system.
Schiff, however, dismissed Bitcoin’s verifiability, stating that it is “nothing” despite its blockchain technology. He argued that Bitcoin offers no tangible value since it cannot be used for practical purposes. According to Schiff, Bitcoin’s lack of real-world utility makes it less valuable compared to gold, which is crucial in many industries and is universally accepted.
CZ countered Schiff’s argument by pointing out that Bitcoin has real-world utility, which gold lacks. He explained that Bitcoin’s blockchain technology has enabled faster and more efficient payment systems. He emphasized how Bitcoin has transformed the way bills are paid, making transactions quicker and more accessible. CZ added that companies like Binance and others in the crypto space have made significant strides in improving the efficiency of payment systems using Bitcoin.
On the other hand, Schiff suggested that Bitcoin transactions may not be as simple as they appear. He expressed concerns about the complexities of Bitcoin payments behind the scenes. However, CZ responded that from a user perspective, the complexities are irrelevant as long as the transactions are processed efficiently. Bitcoin’s utility in streamlining payments is a significant factor that differentiates it from gold.
Scarcity: CZ Defends Bitcoin’s Certainty Over Gold’s Uncertainty
The discussion also touched on the issue of scarcity. CZ argued that Bitcoin’s supply is fixed and well-known, unlike gold, whose total amount remains uncertain. Bitcoin’s predictable supply and exact location of coins make it more reliable as a store of value, according to CZ. He stated, “Everyone knows how much BTC there is, and where it is, while gold’s scarcity is much harder to define.”
Schiff countered by asserting that gold’s scarcity is well-established and that industries and companies rely on it. He emphasized gold’s tangible value and its widespread use across various sectors, from electronics to jewelry. Despite this, CZ stood firm in his view, suggesting that Bitcoin’s limited supply provides greater certainty and a better store of value than gold.
In terms of price performance, CZ noted that Bitcoin has outperformed gold over the last eight years. Data from TradingView confirmed this, showing Bitcoin’s 377% rise compared to gold’s 127% increase over the past five years. Although gold has outperformed Bitcoin in 2025, with a 59% year-to-date increase, Bitcoin has consistently outperformed gold over longer periods.
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