Dubai, UAE – A highly anticipated debate between gold advocate Peter Schiff and Binance founder Changpeng "CZ" Zhao at Binance Blockchain Week 2025 in Dubai took an unexpected turn when Schiff was unable to authenticate a gold bar presented to him onstage. The debate, centered on the merits of Bitcoin versus gold as a store of value, quickly evolved into a discussion about the challenges of verifying physical gold.
The hour-long clash, described by Binance's official account as "intense and intellectual," saw both figures vigorously defending their core philosophies in front of a live audience and a vocal online community. CZ argued that Bitcoin outperforms gold over extended periods, emphasizing its fixed supply and transparency. He stated that "I think gold would do well, but Bitcoin will do better". CZ highlighted Bitcoin's transparent and fixed supply, contrasting it with the partially speculative nature of gold reserves. Schiff countered that Bitcoin "is backed by nothing,” lacks industrial applications, and doesn't qualify as money because "nothing is priced in Bitcoin". He further claimed that most Bitcoin activity is speculative trading rather than commercial payments.
One of the most memorable moments occurred when CZ produced a 1kg gold bar, reportedly from Kyrgyzstan and marked '1000g 999.9', and asked Schiff to verify its authenticity on the spot. Schiff responded that he couldn't confirm its authenticity without lab testing, stating he had never seen the mint's mark before and noting the gold bar's color appeared slightly different from his 24K gold jewelry. CZ seized on this, remarking that "Gold is difficult to authenticate easily, but Bitcoin is straightforward". He used the moment to highlight Bitcoin's ease of verification compared to physical gold. CZ stated that BTC transactions can be verified instantly in several ways, making it more verifiable than gold.
Schiff, while admitting the ease of verifying Bitcoin transactions via blockchain, maintained that the cryptocurrency is ultimately "nothing". He argued that industries and companies need gold due to its scarcity and utility. CZ countered that the exact amount of gold in the world remains uncertain, whereas the quantity and location of Bitcoin are known. He also argued that Bitcoin possesses utility through its network, while gold's commercial value is low.
The debate touched on the broader implications of digital versus physical assets. Schiff emphasized gold's physical attributes, long history, and demand from central banks, cautioning that Bitcoin's price fluctuations reflect speculative cycles rather than genuine economic use. CZ positioned Bitcoin as a natural fit for the digital age, citing its borderless nature, programmability, and predictable supply. He also addressed Schiff's claim that crypto cards simply sell Bitcoin for fiat by stating that users prioritize speed and convenience, regardless of the underlying mechanisms.
The exchange between CZ and Schiff reflects an ongoing debate about whether digital currencies can truly compete with traditional stores of value. The inability of a prominent gold proponent to authenticate a gold bar onstage provided a compelling, albeit perhaps symbolic, victory for the Bitcoin camp. The event has reignited the Bitcoin-versus-gold rivalry, with online sentiment seemingly leaning in favor of CZ.
