Changpeng Zhao and Peter Schiff Debate Bitcoin’s Value

CZ and Peter Schiff debated digital assets versus precious metals.

Binance founder Changpeng Zhao (CZ) and crypto critic Peter Schiff engaged in a debate over the utility of digital assets versus precious metals. The two discussed the nature of Bitcoin’s value and its advantages over gold.

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Schiff argued that tokenized gold makes sense as proof of ownership of a real asset. In his view, Bitcoin relies solely on belief, lacking physical form and intrinsic value. The economist emphasized that precious metals are necessary for industry, while cryptocurrencies “represent nothing.”

Zhao countered by noting that physical gold is difficult to divide or verify during transfers.

“The internet is virtual, yet it has value. Bitcoin doesn’t exist physically, but if I send 1 BTC, the transaction is recorded on the blockchain […]. No one knows how much gold exists in the world, but with the first cryptocurrency, we know exactly how much there is and where it is,” stated CZ.

The conversation also touched on returns. Schiff pointed out that over the past four years, precious metals have outperformed Bitcoin. Zhao suggested extending the horizon to eight years, arguing that over this period, cryptocurrency shows better results.

During the discussion, the Binance founder highlighted the convenience of payments. He stressed that bank transfers take days, whereas blockchain transactions are completed in minutes.

Schiff retorted that crypto cards merely convert Bitcoin into fiat for purchases. CZ responded that for users, the success of the payment is what matters, not the technical processes. He also posed a rhetorical question:

“How many people today use gold to buy goods?”

The debate concluded on a friendly note. Schiff suggested issuing a card for his business, but both speakers remained firm in their views.

CZ: we’ll agree to disagree

— Binance (@binance) December 4, 2025

Back in October, Zhao criticized the new RWA product from Schiff Gold.