Spent some time watching the debate between @cz_binance and @PeterSchiff about 'Bitcoin vs Tokenized Gold', very interesting, everyone keep their underwear dry, class is in session!
✅First of all, in terms of consensus: blockchain technology can indeed significantly enhance the liquidity and trading efficiency of assets (whether gold or Bitcoin)
▮CZ insists that Bitcoin is Gold 2.0
1️⃣Bitcoin is superior to gold:
🔸Portability and Efficiency: He pointed out that carrying physical gold (like a 1 kg gold bar) across countries is very difficult and requires declaration, whereas Bitcoin can be transferred across borders instantly on a mobile phone.
🔸 Easily verifiable: Bitcoin transactions can be instantly verified on-chain for authenticity, while physical gold requires specialized testing to determine its authenticity. When the old man takes out his gold bracelet to compare and verify with CZ's pure gold, the old man has already lost.
🔸 Transparency: The total supply of Bitcoin is fixed at 21 million and supply is transparent; whereas the total reserves of gold are unknown, and one day a large gold mine could emerge, with storage relying on trust in third parties.
2️⃣ Refuting the Ponzi scheme:
🔸 Emphasizes that Bitcoin already has hundreds of millions of users, a market value of trillions of dollars, and a stable ecosystem, representing widespread social consensus, and is by no means a Ponzi scheme.
🔸 He draws analogies with internet companies (like Google, X), pointing out that while virtual products are 'intangible', they hold immense value due to their practicality and consensus.
3️⃣ Views on 'tokenized gold':
🔸 Does not completely deny tokenized gold, acknowledging that it enhances the liquidity and usability of gold.
🔸 However, he points out that tokenized gold essentially still requires trust in the issuing institution, while Bitcoin is decentralized and can be used without permission.
▮ Peter Schiff firmly bears a bearish outlook on Bitcoin, advocating for 'tokenized gold'.
1️⃣ Bitcoin is a bubble and speculation:
🔸 Considers Bitcoin to be a 'digital tulip bubble', its value entirely derived from 'the collective fantasy and confidence of speculators', lacking physical support.
🔸 He compares Bitcoin to a Ponzi scheme, believing its price is sustained solely by new investors, lacking intrinsic value.
2️⃣ Bitcoin lacks monetary properties:
🔸 He points out that almost no one prices goods in Bitcoin or pays wages in it; merchants receiving Bitcoin will immediately exchange it for fiat currency.
🔸 Therefore, Bitcoin can neither serve as a unit of account nor become an effective medium of exchange.
3️⃣ Advocates for 'tokenized gold':
🔸 He is promoting his own tokenized gold project (TGold), believing it combines the physical value of gold with the convenience of blockchain.
🔸 Advantages: Tokenized gold is backed by physical gold in vaults, possessing ownership certificates, while also featuring the divisibility, transferability, and tradability of blockchain. He believes this is the true 'digital return of currency', superior to Bitcoin's 'unanchored' assets.
4️⃣ Market predictions:
🔸 He predicts that the trend of 'strong gold and weak currency' will continue, believing that Bitcoin's 'digital gold' narrative has already collapsed.
Class dismissed!
