- Schiff says Bitcoin relies mainly on speculation, while gold has steady real-world demand.
- CZ argues Bitcoin needs time to grow, just like gold did historically.
- Schiff expects a long gold bull run, making investors less likely to choose Bitcoin.
The long-simmering Gold vs. Bitcoin war reached its peak when Binance founder Changpeng Zhao (CZ), joined economist, gold advocate and long-time Bitcoin critic Peter Schiff for a direct confrontation over the future of money.
Their discussion explored whether Bitcoin or gold will dominate as the world’s preferred long-term store of value.
While Schiff arrived armed with 2025 market data favoring bullion, he left the stage having inadvertently validated the necessity of blockchain infrastructure.
Related: VTB, Russia’s Second-Largest Bank, to Launch Bitcoin Trading for Clients in 2026
Did CZ Win The Battle?
CZ appeared to win the Bitcoin vs. gold debate in under a minute after presenting a one-kilogram gold bar on stage and asking Schiff to verify whether it was real. Schiff examined the bar but could not confirm its authenticity without additional tools, showing how physical gold still depends on expert testing, trusted mints, and slow verification.
CZ used the moment to explain that Bitcoin does not face these hurdles. Every Bitcoin transaction can be verified instantly on the blockchain.
Schiff Maintains Bitcoin Is Driven by Speculation
Schiff argued that Bitcoin’s market performance is driven almost entirely by speculation rather than utility. “If Bitcoin is going to be $10 million like they claim, why is it not there already? If it were a sure thing, the market would have priced it in,” he said.
Schiff contrasted this with gold, which he says benefits from stable and predictable demand from jewelry, industry, and central banks. In his view, gold retains its role because it is required in multiple sectors, while Bitcoin lacks similar real-world use.
Another part of his argument pointed to generational behavior. Schiff expects younger investors to eventually return to gold after experiencing losses in highly volatile digital assets.
CZ Pushes Back: Value Takes Time to Build
CZ responded by drawing a comparison between Bitcoin’s growth curve and gold’s historical rise. “Even with gold, value did not appear instantly. It took decades and centuries,” CZ said. “Just because Bitcoin is not at its potential today does not mean it cannot rise.”
He says global youth will naturally prefer digital forms of value storage due to familiarity with online systems, mobile wallets, and borderless payment technology.
Schiff’s Final Verdict
Schiff ended the debate by saying gold and silver are now entering a long, strong bull market and should keep rising for many years. This will make it harder for Bitcoin to compete because gold holders will have no reason to switch to crypto.
Related: Bitcoin Miners Face Crackdown After Stealing US$1B in Electricity From Malaysia’s Grid
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