In a highly anticipated debate at Binance Blockchain Week, gold advocate Peter Schiff clashed with Binance founder Changpeng “CZ” Zhao, delivering a sharp critique of Bitcoin and questioning its fundamental value. Before a largely pro-crypto audience, the two figures presented starkly different views on the future of digital assets.

Schiff’s Assault on Bitcoin’s Legitimacy

Schiff launched the discussion by labeling Bitcoin a speculative digital asset with no real-world utility. He argued that its value is derived purely from the belief that someone else will buy it for a higher price. “What makes Bitcoin worthless, as far as I’m concerned, is not the fact that I can’t touch it,” Schiff stated. “It’s that you can’t do anything with it.” He contrasted this with tokenized gold, which he said represents tangible ownership of a physical asset.

He repeatedly characterized the crypto market as a form of mass gambling, accusing CZ of running “a pretty big casino.” Schiff also pointed out that despite years of promotion, celebrity endorsements, and adoption by El Salvador, Bitcoin’s value has fallen significantly in gold terms, buying 40% fewer ounces than it did four years ago.

CZ Defends Crypto’s Utility and Adoption

Zhao countered by arguing that virtual assets can and do hold immense value, drawing parallels to the internet. He emphasized Bitcoin’s key advantage over physical assets like gold: its global portability. “I moved to different countries all the time. With this piece of gold, it’s not easy for me to take it across countries,” CZ explained, noting that Bitcoin has appreciated significantly over the last 15 years.

Responding to the “casino” accusation, Zhao highlighted the sheer scale of the market as evidence of its legitimacy. He argued that with hundreds of millions of users, the crypto space has evolved far beyond simple speculation.

Targeting Michael Saylor’s Predictions

Schiff also took aim at MicroStrategy chairman Michael Saylor, criticizing his aggressive Bitcoin acquisition strategy and what he described as unbelievable price predictions. He referenced Saylor’s forecast that Bitcoin could reach $10 million per coin, questioning why the market hasn’t already priced in such a valuation if it were credible. “If it’s really that valuable, the market would adjust the price now,” Schiff said.

He argued that MicroStrategy’s leveraged purchases, funded by billions in debt and stock issuance, artificially inflated Bitcoin’s price during its bull run. Schiff claimed Saylor presents Bitcoin as a “sure thing,” encouraging people to risk everything on an asset that is far from guaranteed.

A Stalemate on the Future

While promoting his own tokenized gold initiative as a trustworthy alternative, Schiff insisted that Bitcoin’s future is bleak, predicting that younger generations will eventually turn to gold after losing money in crypto. However, CZ remained confident, pointing to Binance’s massive user base and the unstoppable momentum of global adoption. Despite a cordial tone, the debate concluded with both participants firmly entrenched in their opposing positions, offering no common ground on the role of Bitcoin in the financial world.