CZ Describes the Utility of Bitcoin in the Real World while Peter Schiff Defends Gold in a High-Stakes Debate during Binance's Blockchain Week in Dubai
The main debate of Binance's Blockchain Week in Dubai — “Gold vs. Bitcoin” with Binance founder CZ and long-time gold advocate Peter Schiff — offered a sharp ideological contrast between traditional monetary thinking and the realities of digital value in 2025.
Over 40 minutes of a fast-paced argument, CZ consistently anchored his case in real-world adoption, infrastructure growth, and user utility, while Schiff relied on historical monetary theory and the physical properties of gold.
The result: a debate that clearly pushed towards the future of Bitcoin, not the past of gold.
CZ: Bitcoin has demonstrated utility — and hundreds of millions already depend on it.
CZ opened by addressing a fundamental misconception: Bitcoin's lack of physical form does not mean it lacks value.
“Value is not determined by physical properties. Google, X, software — all are intangibles, but essential. Bitcoin is the most secure and transparent monetary network ever built.”
He emphasized Bitcoin's predictable and fully auditable supply, contrasting it with gold:
“We literally do not know how much gold exists.
With Bitcoin, we know exactly how much there is and where it is. It’s the only truly finite asset that humans have.”
CZ also highlighted the global community that supports Bitcoin:
Nearly 300 million users just on Binance
Millions use BTC, stablecoins, and crypto rails for payments
A rapidly expanding developer ecosystem
Utility in the real world through emerging markets
He shared a compelling story of a Binance user in Africa who reduced bill payment times from three days to three minutes using crypto.
“That’s material utility. That changes lives. That’s value.”
Schiff: Bitcoin is “Speculation,” not money — but offers no alternative for digital mobility
Peter Schiff argued that Bitcoin lacks intrinsic value because it lacks industrial use. He described it as:
“A speculative digital collectible that people only buy because they think it will rise.”
Schiff repeatedly recited textbook definitions of money — unit of account, medium of exchange — arguing that Bitcoin doesn’t qualify.
But CZ countered with data from the ecosystem:
“Money is what people choose to use. Hundreds of millions already use Bitcoin as money — directly or through cards, wallets, and merchants. Adoption defines money more than academic definitions.”
Schiff's counterarguments were rooted in theoretical objections rather than adoption metrics, often overlooking that today’s monetary infrastructure is already digital.
CZ demonstrates live Bitcoin payments — Schiff says it “doesn’t count”
To challenge the claim that crypto is not used in payments, CZ raised a Binance Visa card.
“You can pay anywhere Visa is accepted. Users spend crypto directly.
The merchant receives fiat — problem solved.”
Usage numbers:
Millions of active Binance card users
Tens of millions of crypto payment transactions processed
Merchants do not need to integrate crypto directly
Schiff dismissed it as “selling Bitcoin for dollars,” but CZ clarified the point:
“It works. Users use crypto. Merchants receive payments. That’s utility.”
The crowd overwhelmingly aligned with CZ by recognizing this as real-world crypto use.
On Value: CZ argues that Bitcoin has outperformed every asset for 15 years
Schiff claimed that Bitcoin has underperformed gold in terms of gold over a four-year period.
CZ responded with the broader historical reality:
Bitcoin has outperformed every major asset class since its inception
Bitcoin has become a $2 trillion asset
Adoption has grown from zero to hundreds of millions globally
Bitcoin continues to see increasing integration into the real world and institutions.
“Value is not determined by a selected time period. The long-term trajectory is clear.”
The audience's reaction made it clear which viewpoint resonated.
CZ on Altcoins vs. Bitcoin: Community + Adoption = Real Value
When Schiff suggested that new tokens dilute Bitcoin's position, CZ reframed the argument:
“Anyone can issue a token — but utility and community cannot be copied.
Bitcoin is backed by millions of people. That’s why it has value.”
This distinction — technology vs. adoption — became one of CZ's strongest points in the debate.
Future Generations: CZ says Bitcoin wins; Schiff says they will reject it
When asked what the next generation would prefer, CZ confidently responded:
“Young people understand digital value. Bitcoin is global, mobile, and resistant to censorship.
It’s built for your world — not the old one.”
Schiff predicted that young investors “will learn the hard way,” but the audience's laughter suggested otherwise.
Digital Gold vs. Physical Gold: The Debate Ends with a Surprise Twist
Although they disagreed on almost everything, the session ended with an unexpected collaboration:
CZ invited Schiff to bring his tokenized gold project to Binance.
Schiff accepted the idea — and even suggested that Binance should be an issuer.
CZ closed with a statement firmly aligned with the forward-looking tone of the conference:
“Gold will do well. Bitcoin will do better. And both can coexist.
But Bitcoin is the future.”
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