“Bitcoin is a pure speculative bubble, relying entirely on later investors to take over!” — Gold giant Peter Schiff's sharp comments at the Binance Blockchain Week have exposed one of the most sensitive scars of cryptocurrency. CZ's response was even sharper: “Trusting code is more reliable than trusting institutions, this is the evolution of digital civilization.”
This debate seems to be a struggle for assets, but in reality, it is an epic confrontation about the 'source of trust.'
🔍 The Ponzi scheme debate: Bitcoin's 'original sin' and 'sublimation'
Schiff's criticism points directly at the core: Bitcoin does not generate cash flow, its value relies entirely on new funds pouring in, which fits the characteristics of a Ponzi model. But CZ countered with data: the Bitcoin network's average daily settlement exceeds $10 billion, and the number of active addresses on-chain has broken a million — when tens of millions of people around the world vote with real money, it has transformed from a speculative tool into a 'trust protocol.'
Just like the US dollar, after it detached from the gold standard, its value shifted from being backed by gold to being backed by national credit; the trust basis of Bitcoin has migrated from 'institutional authority' to mathematical algorithms and distributed ledgers. Satoshi Nakamoto's miracle lies not in the perfection of the code, but in his use of an anonymous identity to force the community to co-build autonomously—this 'decentralized trust' is precisely the foundation of digital currency.
💡 Social Faith Experiment: The essence of currency is 'shared imagination'
Schiff mocks Bitcoin as a 'collective illusion', but throughout history, all currencies are products of social consensus: gold is recognized for its scarcity, and the USD has become hard currency due to military bases and oil settlement hegemony. Bitcoin's breakthrough lies in its ability to let global users achieve a consensus of 'not relying on any center' through open-source code.
Just as the 'Satoshi Nakamoto' project is rising in the Chinese community, its value lies not in technological replication, but in whether it can unite community faith. If millions of Chinese players form an ecosystem of 'co-building and co-governance', it is entirely possible to replicate Bitcoin's trust network—the ultimate battlefield of currency is the human heart, not the code.
🌱 Insights on Chinese Digital Currency: Trust requires 'slow construction'
Bitcoin has proven over 15 years: short-term speculation can create bubbles, but long-term trust can only be built through accumulation. For Chinese digital currency to become the 'next Bitcoin', it must overcome three hurdles:
1. Technical Transparency: Open-source code + on-chain verification allows users to see every flow;
2. Community Co-Governance: Avoid control by whales, use mechanisms like DAO to empower retail investors;
3. Practical Scenarios: From payments, games to socializing, let tokens become 'essential items for digital life'.
The debate between Schiff and CZ ultimately points to the same truth: whether gold or Bitcoin, value stems from humanity's collective confidence in 'future utility'. The opportunity for Chinese digital currency lies in the reforge of this confidence.
When a trillion-dollar market cap fluctuates, the only unchanging rule is: trust is the most expensive currency in the world.
