- CZ argued Bitcoin’s verifiability and fixed supply make it superior to gold.
- Schiff dismissed Bitcoin as lacking real-world utility and tangible value.
- Long-term data shows Bitcoin outperforming gold despite gold’s strong 2025 rally.
The debate between Changpeng “CZ” Zhao and economist Peter Schiff at Binance Blockchain Week turned into one of those classic crypto-versus-gold moments, except this time CZ brought props. He handed Schiff a gold bar on stage, and Schiff couldn’t verify whether it was real without extra tools. CZ used that moment to push the point that Bitcoin transactions can be verified instantly, right on the blockchain, while gold still struggles with basic authentication. Schiff didn’t budge, though, brushing off Bitcoin as “nothing” despite the transparency that blockchain offers, saying it still lacks actual real-world use that gold has enjoyed for centuries.
Inside the Utility Argument: Bitcoin vs Gold
Schiff argued that Bitcoin’s value doesn’t extend beyond speculation. He pointed to gold’s established industrial use, its track record, and the fact that it remains universally accepted across industries. CZ countered this by explaining that Bitcoin has reshaped the payment world, even if most of the complexity happens behind the curtain. He said everyday users don’t need to understand the backend; what matters is that Bitcoin-based payments land faster and more efficiently than traditional rails. This practical utility, he noted, is something gold simply doesn’t offer.
A Clash Over Scarcity and Store of Value
When the topic shifted to scarcity, CZ emphasized that Bitcoin’s fixed supply beats gold’s uncertain reserves. The exact amount of BTC is publicly known, down to the last decimal, making it easier to treat as a predictable store of value. Schiff rejected that framing, saying gold’s scarcity is well defined and backed by industrial demand, whereas Bitcoin still depends on belief rather than physical necessity. Still, CZ stuck to the hard-cap narrative, arguing that Bitcoin’s predictability gives it structural advantages that gold will never match in the digital age.
Long-Term Performance Tilts the Debate
CZ closed the discussion by comparing long-term performance. Over the last five years, Bitcoin is up around 377%, while gold has risen by only about 127% in the same period. Schiff pointed out that gold has outperformed Bitcoin in 2025 so far, but CZ noted that zooming out makes the trend clear. Bitcoin remains the stronger performer across longer cycles, and that historical strength is part of why he believes BTC will keep outpacing traditional stores of value as adoption deepens. Whether Schiff agrees or not, the divide between the two sides isn’t narrowing anytime soon.
