“We are so close to get(ting) you over,” that’s what Binance founder and former CEO Changpeng ‘CZ’ Zhao had to say to acclaimed goldbug Peter Schiff during a heated verbal exchange at Day 2 of Binance Blockchain Week Dubai 2025, on the topic of tokenized gold vs Bitcoin.
Schiff says Bitcoin’s lack of utility makes it worthless
The eagerly awaited debate finally kicked off between the two stalwarts of their respective industries at the Binance Blockchain Week Dubai 2025. Schiff and CZ took the center stage as they debated the merits of Bitcoin vs tokenized gold.
Schiff initiated the exchange with CZ on a playful note, claiming that Michael Saylor, the CEO of Strategy and a prominent Bitcoin maximalist, was “afraid” to challenge him. However, the former Binance CEO was right there for the verbal back-and-forth that ensued.
In one of the rare moments during the debate, Schiff agreed with CZ’s assertion that intangible entities, such as the internet and social media platforms like X (formerly Twitter) have value because of their utility. However, he digressed from the crypto mogul when it came to Bitcoin, saying there’s not much you can do with the top digital asset. He said:
What makes Bitcoin worthless, as far as I’m concerned, is not the fact that I can’t touch it. It’s that you can’t do anything with it. It doesn’t have utility beyond the fact that I can transfer it to you, and you can transfer it to somebody else.
Schiff emphasized how tokenized gold differs from BTC in this aspect. He stated that when tokenized gold is transferred to someone else, ownership of the physical gold backing that unit also changes. However, if he transfers BTC to CZ, he’d have transferred nothing. “Nothing actually moves,” said Schiff.
Schiff added that purely from a monetary standpoint, tokenized gold may actually be better than physical gold. He noted that while fiat currencies are backed by nothing – like Bitcoin – tokenized gold is actually backed by real gold.
Gold is a time-proven asset
Schiff went on to highlight the various utilities of gold as an asset class. He said that unlike Bitcoin, gold has several industrial use-cases as a precious metal. He remarked that gold can’t just be replaced with copper or other precious metals.
He then moved on to gold’s supply scarcity. To this, CZ replied that if China discovers another big gold mine in the future, then gold’s value may decline. He also noted that due to advances in the field of chemistry, synthetic gold may no longer just be a thought experiment for too long.
In contrast, everyone knows for certain that Bitcoin has a maximum possible supply of 21 million. “Bitcoin is a new technology for money,” he added.
CZ highlights rising Bitcoin adoption
Replying to Schiff’s remark that Bitcoin is not a unit of account and that no one quotes their labor or wages in BTC, CZ highlighted that 300 million people own Bitcoin on Binance. Schiff pushed back, saying that the crypto trading platform is just a “huge casino.”
Schiff said that despite the recent spot Bitcoin exchange-traded fund (ETF) launch, celebrity endorsements, constant media chatter, adoption by El Salvador, and talks of sovereign strategic BTC reserves, BTC’s price is performing poorly.
He went on to say that BTC’s price in gold terms has actually gone down, despite rising to record highs in USD terms. He noted that Bitcoin today buys 40% less gold than it did four years ago.
Do the younger investors prefer Bitcoin over gold?
The steadily heating conversation between the two finally steered toward what asset class enjoys popularity among younger investors in 2025. CZ claimed that the younger generation is interested in digital assets, and Bitcoin is blockchain technology’s most successful use-case to date.
Schiff argued the opposite, saying that the younger generation will like gold more in the future when they see their friends lose their money in BTC. He added that as inflation worsens in developed countries, more people will be open to the idea of receiving payments in gold. He remarked:
The air coming out of the crypto bubble will force more private investors to buy gold.
Despite the almost hour-long, high-drama debate, it ended on a cordial note. CZ said that “we can agree to disagree.”
Schiff joked about listing his tokenized gold on Binance. Meanwhile, CZ concluded by saying that even though gold might do well in the future, BTC will do even better.
