- CZ highlights Bitcoin’s global monetary utility.
- Schiff calls Bitcoin “pure speculation.”
- Schiff fails to verify a gold bar handed to him.
A fiery debate unfolded today between crypto mogul Changpeng Zhao (CZ) and gold advocate Peter Schiff, where Bitcoin ’s legitimacy took center stage. Schiff labeled Bitcoin as “pure speculation,” brushing off its growing adoption and global utility. On the other hand, CZ argued Bitcoin is more than just an asset—it’s a real monetary network powering global finance.
CZ emphasized how Bitcoin can be sent across borders instantly, without intermediaries or trust in centralized entities. He argued this level of utility and programmability has no match in traditional assets like gold.
Schiff’s Awkward Gold Bar Moment
The highlight of the debate came unexpectedly. As the conversation intensified, Schiff was handed a gold bar on stage to make his point about physical assets. But what happened next sparked laughter and viral reactions online: Schiff couldn’t verify if the gold was real.
This moment was not lost on CZ or the audience. CZ used it to illustrate one of Bitcoin’s advantages—verifiability. Bitcoin transactions can be verified instantly on-chain, unlike physical gold, which often needs third-party validation.
CZ remarked, “With Bitcoin, you don’t need to bite it or run lab tests. Just check the blockchain .”
The Future of Money?
While Schiff stood firm on his belief that gold is the ultimate store of value, CZ’s performance and arguments left a strong impression. The debate clearly showed a generational divide: traditional hard assets vs digital innovation.
Bitcoin’s supporters saw the event as a win, pointing to the ease of verification, portability, and increasing mainstream adoption as clear indicators of Bitcoin’s utility.
