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Two special days.
And for this wonderful debate.
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The showdown pitted Peter Schiffâs high-energy gold maximalism against CZâs measured, useâcaseâdriven defense of Bitcoin. Schiff argued that tokenized gold upgrades a scarce, industrially useful metal with digital rails, preserving its role as a timeless store of value while improving its monetary properties: ownership can change hands instantly while the bullion stays in a vault. In his view, Bitcoin is ultimately just another unbacked asset whose price depends on confidence, whereas goldâs value is grounded in real-world utility and millennia of monetary history.
CZ pushed back by stressing that much of todayâs economy already runs on virtual records, and that Bitcoinâs value comes from its trustless design, global community, and real-world usage, from people in Africa paying bills in minutes instead of days to millions spending via crypto cards. He highlighted that tokenized gold still requires trust in issuers and vaults, while Bitcoin does not. The two never converged on what âsound moneyâ should be â Schiff rooted his view in physical scarcity and industrial demand, CZ in networks, openness, and censorship resistance â but their clash crystallized the core fault line now running through the future of money debate.
The debate underscored how far the narrative has shifted: gold maximalism now sounds defensive, while digital scarcity feels inevitable. CZ closed with a final wink at the audience: âI think gold would do well, but Bitcoin will do better.â
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