Quick Takeaways
- CZ argues Bitcoin offers unmatched transparency, instant verification, and stronger long-term returns.
- Schiff defends gold’s physical utility, industrial demand, and nature-driven scarcity.
- Bitcoin leads in long-term performance, while gold remains ahead in 2025.
A Debate Shaped by Competing Visions of Value
Binance founder Changpeng “CZ” Zhao and economist Peter Schiff finally met for a long-anticipated debate on Bitcoin versus gold. Their discussion revealed far more than price movements. It showcased two deeply different visions of what gives an asset real value in today’s financial world.
Instant Verification Makes Bitcoin Stand Out
CZ opened the debate with a demonstration that captured Bitcoin’s core advantage. He handed Schiff a gold bar and asked him to confirm its authenticity. Schiff couldn’t do it without tools.
CZ contrasted this with Bitcoin’s blockchain, where anyone can verify transactions in seconds.
He argued that this transparency makes Bitcoin a dependable settlement network rather than a speculative product.
Schiff Defends Gold’s Physical and Industrial Utility
Schiff pushed back by focusing on real-world demand. He claimed transparency alone does not create value. Gold, he said, has purpose beyond investment, including use in electronics and manufacturing.
He called Bitcoin “nothing” because it exists only digitally and depends on sentiment and networks to function.
Utility Debate: Spendability vs. Tangibility
CZ countered that gold is rarely used in daily payments, while Bitcoin is already spendable worldwide. He noted its integration with cards, online platforms, and P2P apps.
Schiff disagreed, arguing that Bitcoin still relies on intermediaries. CZ responded that the backend process doesn’t matter if transactions settle smoothly for users.
Performance Data Shows Mixed Results
When the conversation shifted to returns, both sides found numbers to support their positions. Schiff highlighted gold’s strong run in 2025, rising about 59% year-to-date, while Bitcoin remained down after dropping below $100,000 in November.
CZ zoomed out. Over the past five years, Bitcoin has jumped 377%, while gold has gained 127%. He argued that long cycles still favor Bitcoin.
Two Assets, Two Ideologies, One Iconic Debate
Philosophically, the elements of the debate changed over time. For Schiff, value is grounded in the tangible and scarce, and this industrial value must be useful. For CZ, the future will be shaped by digitally scarce, ownerless things that can be verified.
From this debate, it became clear that Bitcoin and gold, respectively, represent the monetary visions of the past and the present and future of a digitally decentralized world.