Changpeng Zhao (CZ) and Peter Schiff engaged in a lively debate at the Binance Blockchain Week 2025 in Dubai on December 4, stirring up discussions about Bitcoin versus gold.

Their hour-long confrontation reignited conversations about digital currencies, physical assets, and the essence of value in today’s market.

A Heated Discussion on Value, Scarcity, and Practical Application

The debate emerged in front of an enthusiastic crowd, with an active audience online. Binance’s official account characterized the discussions as “intense and intellectual,” where both sides firmly expressed their ideologies.

CZ quickly emphasized Bitcoin’s superior performance over gold in the long run. He stated, “While gold may perform decently, I believe Bitcoin will surpass it.” He underscored Bitcoin’s capped supply and openness, arguing that unlike gold’s uncertain reserves, “we can pinpoint exactly how much Bitcoin exists.”

Schiff countered with critical points, stating that Bitcoin is “not backed by anything,” lacks a functional purpose, and cannot be considered money because “nothing is priced in Bitcoin.” He noted that the prevalent activity in Bitcoin is speculative rather than transactional.

A striking moment in the debate occurred when CZ displayed a 1kg gold bar from Kyrgyzstan, requesting Schiff to authenticate it. Schiff claimed he couldn’t verify its authenticity without lab analysis, a moment CZ used to highlight Bitcoin’s straightforward verification process.

Both speakers also diverged on the topic of payments. Schiff maintained that crypto cards merely convert Bitcoin into fiat currency. In contrast, CZ asserted that users prioritize speed and convenience, emphasizing that “people are already utilizing cryptocurrencies for transactions, with conversions happening seamlessly in the background.”

You May Also Like:

• From Negative to Bullish: Coinbase Premium Signals Big Money Returning to Bitcoin
• Coinbase Institutional Sees December Reversal Despite Bitcoin’s Brutal November
• Aggressive Buyers Flood Futures Market at Levels Last Seen in Early 2023

Broader Implications and a Renewed Debate

The debate transcended the immediate concerns, echoing a longstanding dialogue regarding the potential of digital currencies to rival traditional stores of value. Schiff firmly stood by the merits of gold’s tangible qualities, historical significance, and demand from central banks. He cautioned that Bitcoin’s price fluctuations are indicative of speculative bubbles rather than genuine economic utilization.

Conversely, CZ depicted Bitcoin as a fitting currency for a digital-savvy generation, leveraging borderless and programmable attributes, alongside reliable supply. Although no official conclusion was declared in the debate, sentiments on X leaned towards CZ, with many pointing out that Schiff’s viewpoints seemed antiquated compared to CZ’s forward-thinking narrative.