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A heated debate took place at Binance Blockchain Week in Dubai on December 4, 2025, as gold proponent Peter Schiff took on Binance CEO Changpeng Zhao (CZ) about the future of money.
The discussion centered on whether Bitcoin or tokenized gold serves better as a means of storing value, a medium of exchange, and a unit of account in the current financial system.
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Peter Schiff criticizes Bitcoin: payment? They are just settled bets
The discussion quickly turned into a heated argument as he became suspicious Golden Peter Schiff On the practical utility of Bitcoin in payments.
He said: “Bitcoin payments are not really payments. They are just liquid bets.”
Schiff emphasized that most users who transact with Bitcoin don’t actually spend the digital currency themselves. Rather, I am They sell Bitcoin for fiat To pay traders, making each transaction essentially a speculative move on the price of the future asset.
CZ responded, emphasizing that from a user perspective, Bitcoin can work seamlessly in payments.
Using crypto cards as an example, he explained that the user removes his card, Bitcoin is deducted, and the merchant receives the currency of his choice.
This is in line with a recent report from BeInCrypto highlights Crypto cards as a promising story As the year 2026 approaches.
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CZ argued that the brokers manage the transfer, simplifying the process for both parties. He also noted that the same system could be applied to gold or other assets, but the digital nature of Bitcoin and its growing adoption offers unique advantages.
The speculative nature of Bitcoin
The discussion then turned to the speculative nature of Bitcoin. Schiff insisted that the value of Bitcoin is determined only by what the next buyer will pay, contrasting with stocks or companies that generate tangible income and profits.
“When people buy Bitcoin, they think they’re going to get rich,” Schiff said. “It’s a lottery ticket, not a way to store value.”
rejected Founder of Binance and former CEO CZ argued that Bitcoin has established itself as a long-term asset, attracting developers, investors and institutions, and that speculation is only one facet of its wider ecosystem.
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The two participants also discussed the concept Coded gold And the possibility of merchants accepting it in the future.
Schiff argued that it was in the middle High inflationMerchants may prefer to receive payment in gold, which maintains real purchasing power. CZ acknowledged the point, but noted that Bitcoin could achieve a similar function through tokenization and instant verification.
The debate highlighted fundamental differences in philosophy:
- Schiff prefers self-supporting assets, such as gold, which he believes provide stability and security.
- CZ supports digital assets, emphasizing convenience, liquidity and technological innovation.
While Schiff criticized Bitcoin’s lack of revenue generation, CZ focused on growing its application ecosystem and adoption in payments, commerce and financial infrastructure.
Attendees at Binance Blockchain Week described the exchange as tense but colorful, offering a rare look at the clash between traditional financial advocates and crypto pioneers.
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said one observer “I believe in digital assets, but Peter Schiff made a very strong case.”
The debate highlighted a growing trend in finance: The tension between digital currencies and physical assetsAnd how each can be used to hedge volatility, inflation and market speculation.
As the popularized Bitcoin and gold continue to attract attention from retail users, traders and institutional investors, the debate between CZ and Schiff shows that the dialogue is far from over.
Whether Bitcoin can evolve from mere speculation to become a real medium of exchange remains a central question for the future of money.
At the time of writing, Bitcoin is trading for $92,669, more than 2% from its 2025 opening price of $94,591. Meanwhile, gold was trading at $4,187 at the time of writing, up 57% from its 2025 opening price of $2,657.
