Changpeng Zhao (CZ), the founder of Binance and a prominent Bitcoin advocate, has agreed to debate economist Peter Schiff, a longtime Bitcoin skeptic and gold proponent, on the merits of Bitcoin versus tokenized gold.
The exchange ignited on X (formerly Twitter) on October 23, 2025, following Schiff’s announcement of his upcoming blockchain-based gold tokenization project. While the two have agreed in principle to the debate, no date, format, or moderator has been confirmed yet.
This matchup revives a classic clash in financial circles: digital scarcity (Bitcoin) versus physical scarcity enhanced by blockchain (tokenized gold).
Register for Tekedia Mini-MBA edition 19 (Feb 9 – May 2, 2026): big discounts for early bird.
Tekedia AI in Business Masterclass opens registrations.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register for Tekedia AI Lab: From Technical Design to Deployment (begins Nov 15th).
The debate is expected to center on which asset better functions as money—serving as a medium of exchange, unit of account, and store of value—amid Bitcoin’s surge past $126,000 and gold’s record highs above $4,000 per ounce.
On the ThreadGuy podcast, Schiff revealed plans for a mobile app where users can buy, store in vaults like Brinks, transfer, and redeem physical gold via blockchain tokens. He positions it as “the one thing that makes sense to put on a blockchain,” arguing it combines gold’s stability with crypto’s efficiency—enabling debit card spending or instant transfers—without Bitcoin’s “volatility or lack of intrinsic value.”
Schiff has long called Bitcoin a “giant pump-and-dump scheme” that will “go to zero,” while praising tokenized gold as blockchain’s true future. CZ, fresh off a presidential pardon from Donald Trump for his past legal issues, fired back on X, dismissing Schiff’s project as a “trust-me-bro” asset.
He argued that tokenized gold isn’t “truly on-chain” because it relies on third-party custodians for physical storage and redemption, creating risks like management changes or geopolitical instability.
“It’s tokenizing that you trust some third party will give you gold at some later date, even after their management changes, maybe… decades later, during a war,” CZ wrote.
Despite the jab, he praised Schiff’s professionalism and accepted the challenge: “As much as you voice against Bitcoin, you are always professional and nonpersonal. I appreciate that. Can have a debate about it.” CZ added, “Gold won’t go to zero, but Bitcoin is better,” emphasizing Bitcoin’s verifiable scarcity and self-custody.
Schiff’s Formal Challenge: In response, Schiff posted: “I challenge [CZ] to a debate: Bitcoin versus tokenized gold. Which best satisfies the conditions of money, which include being a medium of exchange, a unit of account, and a store of value? Who wants to moderate?”
The banter has sparked widespread buzz on X, with users hailing it as a “clash of monetary philosophies” and speculating on outcomes—some predicting a Bitcoin rout, others seeing tokenized gold as a bridge for mainstream adoption.
Tokenized gold is booming, with the sector’s market cap exceeding $3.75–$4 billion led by Tether Gold at $1.5B+ and PAX Gold at $1.3B+, driven by real-world asset (RWA) tokenization trends. However, critics like CZ echo crypto purists’ concerns: true decentralization requires no intermediaries, a strength Bitcoin holds over gold tokens.
Meanwhile, analysts like Anthony Pompliano note Bitcoin’s outperformance—gaining purchasing power over gold since 2020—hinting at a potential “flippening” in investor preferences. This isn’t Schiff’s first rodeo; he’s debated Bitcoin’s “digital gold” narrative on Fox Business multiple times, always favoring physical assets.
For CZ, it’s a chance to defend Bitcoin’s ethos post-Binance. Potential moderators could include crypto influencers like Anthony Pompliano or traditional finance voices.
Until then, the crypto community is placing informal bets—Bitcoin’s edge in portability and immutability versus gold’s proven 5,000-year track record. Stay tuned; this could shape narratives around RWAs and Bitcoin’s role in the future of money.
