Key Insights
- Bitcoin and gold supporters expanded their long-running dispute as CZ and Peter Schiff clashed over utility, scarcity, and verification.
- CZ argued that Bitcoin offers faster payments, clearer supply data, and stronger long-term performance than gold.
- Schiff maintained that gold has intrinsic value and recent gains, while Bitcoin lacks real-world utility despite strong transparency
Binance founder Changpeng “CZ” Zhao and economist Peter Schiff presented sharply opposing views on Bitcoin and gold during their widely awaited debate at Binance Blockchain Week. The exchange cantered on verifiability, utility, and long-term performance, offering a clear contrast between the digital asset champion and the long-time gold advocate.
CZ argued that Bitcoin provides immediate and transparent verification. He highlighted that anyone can confirm BTC transactions across multiple nodes, while gold still requires physical testing. To illustrate the contrast, he handed Schiff a gold bar. Schiff could not confirm its authenticity on the spot, underscoring CZ’s point about gold’s verification challenges.
Schiff countered that Bitcoin holds no intrinsic value for him. He acknowledged blockchain’s transparency but maintained that BTC remains “nothing” without real-world utility. In contrast, he emphasized that gold powers industrial applications and remains inherently scarce, reinforcing its historic role in global markets. The debate originated from Schiff’s challenge in October, sparked by a broader discussion on which asset retains more enduring value.
Bitcoin and Gold Scarcity Arguments Collide
CZ responded to Schiff’s scarcity argument by underscoring Bitcoin’s fixed supply and measurable distribution. He noted that gold’s total volume remains uncertain and difficult to trace, while BTC supply is fully known. He also questioned gold’s practical utility, arguing that its commercial use is modest compared to Bitcoin’s network-driven applications.
Moreover, CZ pointed to digital payment improvements since crypto adoption. He said everyday transactions move faster than before because exchanges such as Binance and other firms enabled broader payment options. He framed Bitcoin as the most battle-tested blockchain, supported by a global infrastructure that continues to expand.
Schiff dismissed the idea that Bitcoin offers seamless usability. Yet CZ argued that users do not need to understand backend mechanics. They simply rely on payment systems to function, the same way most consumers interact with traditional financial pipelines.
Performance Metrics Influence Perception
The two also clashed over long-term performance. Schiff said gold outpaced Bitcoin during the last four years, reinforcing its role as a shelter asset during market turbulence. CZ pushed back, citing Bitcoin’s stronger record across the past eight years.
Public data supports several of CZ’s claims. Trading View figures show Bitcoin rose 377% over the last five years, compared to gold’s 127% gain. The trend shifts in the shorter term, however. Gold has enjoyed a stronger 2025, climbing 59% year-to-date, while Bitcoin remains in the red after sliding below the six-figure level.
