Binance founder Changpeng “CZ” Zhao and economist Peter Schiff finally faced off in their long-anticipated Bitcoin vs. gold debate. CZ argued that Bitcoin holds clear advantages over gold in verifiability, utility, scarcity, and long-term performance, sparking renewed discussion across the crypto community.
CZ and Schiff Debate Bitcoin’s Value
Speaking at Binance Blockchain Week, CZ emphasized that Bitcoin transactions can be verified instantly through the blockchain. To illustrate his point, he handed Schiff a gold bar, which Schiff could not immediately confirm as real — highlighting gold’s verification challenges.
Schiff countered by saying Bitcoin has no inherent use and is “nothing” to him, despite admitting the blockchain makes BTC transactions easy to verify. He defended gold’s value by stressing its industrial demand and natural scarcity. This clash originated from Schiff’s challenge to CZ back in October, asking which asset holds more real value.
CZ replied that Bitcoin’s scarcity is far more transparent, since its supply is capped and fully trackable, unlike gold. He also argued that gold’s commercial utility is limited, while Bitcoin’s network creates significant functional value.
Which Asset Has Better Utility?
CZ explained that Bitcoin has transformed global payments, speeding up transactions that once took much longer in the traditional financial system. He mentioned that BTC can be used through cards for everyday purchases, something gold does not support.
Schiff pushed back, claiming BTC transactions aren’t as smooth as they appear. CZ responded that users don’t need to worry about the complex backend — what matters is that payments go through.
Bitcoin vs. Gold: Performance Over the Years
Schiff pointed out that gold has performed better than Bitcoin over the last four years. However, CZ highlighted that BTC has significantly outperformed gold over longer timeframes. TradingView data shows that over the past five years, Bitcoin is up 377%, compared to gold’s 127%.
CZ also noted Bitcoin’s strong year-over-year performance, although gold has been the stronger asset in 2025. Gold is up 59% year-to-date, while Bitcoin remains down after its drop below $100,000 last month.
