Peter Schiff and CZ clash again over the value of BTC and gold
A new debate has erupted on X between economist Peter Schiff and Binance founder Changpeng Zhao (CZ).
Schiff wrote that Bitcoin exists only as long as people “believe in nothing,” and that once that belief fades, its price will collapse. CZ replied that the same logic applies to gold and all other forms of money or debt, noting that gold’s value doesn’t come from its utility - it, too, is based on belief.
Bitcoin’s defining feature is its capped supply of 21 million coins, making it comparable to gold, whose supply is also limited.
This exchange continues a public argument started by Schiff. On October 23, he challenged CZ to a “Bitcoin vs. tokenized gold” debate to decide which asset better fulfills the three functions of money - medium of exchange, unit of account, and store of value.
The crypto community quickly embraced the idea, with major X accounts offering to host the debate in Spaces and act as moderators. CZ accepted and jokingly suggested inviting Michael Saylor - Bitcoin’s most vocal corporate advocate - to join.
This round of debate focuses on the idea of “faith-based value.” Schiff argues that gold will ultimately prevail because it is backed by a tangible asset, while CZ maintains that Bitcoin’s scarcity and decentralization make it the modern form of “hard money.”
If the debate goes ahead, it would give markets a rare chance to hear both perspectives in real time - and perhaps see how their clash influences sentiment and prices.
The renewed attention on CZ follows reports of a presidential pardon that returned him to the public eye, reigniting discussion across the crypto space. If you’ve been in a coma all this time, we thoroughly analyzed the claims against Binance and Zhao himself regarding compliance with AML requirements in our previous materials.
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