$12 December 4 at Binance Blockchain Week in Dubai
A highly publicized debate took place on the main stage in 2025
Zhao Changpeng (CZ) and Peter Schiff
The topic is 'Bitcoin vs Gold (or Tokenized Gold)'
The focus was on value storage, medium of exchange,
verifiability, and other currency attributes
1. Verifiability of Gold/Bitcoin
CZ's Action/Issue:
CZ presented a 1-kilogram gold bar on stage
(Marked as produced in Kyrgyzstan, 999.9 pure gold)
Ask Schiff: 'Is this real gold? Can you verify it now?'
Schiff's response:
Check the color, compare it with your own gold bracelet
He later said, "I don't know, the color looks a bit strange.
I need to test it; I've never heard of this mint." (Audience laughs)
CZ's rebuttal:
Proves that gold requires professional equipment, trusted intermediaries, and time verification.
Bitcoin only needs a wallet and internet; anyone can use it anytime.
Verification of authenticity and ownership.
(This was the most viral moment of the event, seen as a demonstration of Bitcoin's advantages.)
2. Advantages and disadvantages as a store of value.
Schiff's argument:
Gold has a history of thousands of years, scarcity (slow supply growth),
Physical existence, will not 'decay'.
Bitcoin 'backed by nothing' (no physical support).
Just faith and speculation.
Gold performed better in 2025 (increased by about 59%).
Bitcoin is falling relative to gold.
CZ's response: Bitcoin's supply is absolutely fixed.
(21 million coins, we always know the total amount).
Gold supply is uncertain (new mines may be discovered, synthetic gold).
Or new technologies increase production, such as: extraterrestrial planetary gold mines.)
Virtual things also have value (like Google, X platform).
Bitcoin is a native digital asset.
3. Practicality as a medium of exchange.
Schiff's doubts:
Bitcoin is rarely used directly for payments.
Mostly sold for fiat currency.
This proves it is merely a wealth transfer tool, not real money.
CZ's response: Tools like Binance Visa card.
Let users use Bitcoin payments 'without feeling' it.
(Users pay with cryptocurrency, merchants receive fiat currency.)
Places like Africa have used Bitcoin to remit payments for bills.
This is 'silent adoption,' user experience is much more convenient than physical gold.
4. Does tokenized gold solve the problem?
Schiff's argument:
Tokenized gold combines the advantages of physical gold and the convenience of blockchain.
(Divisible, cross-border transfer, DeFi applications.)
It's a modernization of gold, not a competitor to Bitcoin.
CZ's rebuttal: Tokenization improves the usability of gold.
But he believes trust in the issuer and physical reserve audits are still necessary.
Bitcoin does not require these intermediaries, purely digital and decentralized.
5. Overall monetary properties (scarcity, portability, durability, etc.).
Schiff: Gold in terms of portability and divisibility.
Solving problems through tokenization.
Bitcoin lacks intrinsic value, relying only on the next buyer.
CZ: Bitcoin is portable (frictionless cross-border),
Durable (never deteriorates), verification trumps.
Gold requires vaults, transportation, and trust.
But setting aside who is better between gold and Bitcoin.
It is undeniable that both have market consensus.
