Changpeng Zhao (CZ) and Peter Schiff went head-to-head on December 4 at the Binance Blockchain Week 2025 in Dubai, delivering one of the most talked-about Bitcoin-versus-gold debates in recent memory.
Their hour-long clash set the stage for a renewed global conversation around digital money, physical assets, and what truly defines value today.
A Tense Exchange Over Value, Scarcity, and Real-World Use
The debate unfolded in front of a lively crowd, and an even more vocal audience on X. Binance’s official account described the back-and-forth as “intense and intellectual,” noting how both speakers pushed hard on their core philosophies.
CZ wasted no time arguing that Bitcoin outperforms gold over longer time frames, stating, “I think gold would do well, but Bitcoin will do better.” He highlighted BTC’s fixed supply and transparency, noting that, unlike gold reserves, which are still partly guesswork, “we know exactly how much there is and where it all is.”
Schiff countered with a barrage of critiques, arguing that BTC “is backed by nothing,” has no industrial purpose, and can’t qualify as money since “nothing is priced in Bitcoin.” He added that most activity is speculative trading rather than commercial payments.
One of the most memorable moments came when CZ pulled out a 1kg gold bar from Kyrgyzstan and asked Schiff to verify it. The BTC critic replied he couldn’t confirm its authenticity without lab testing, a point CZ used to highlight Bitcoin’s ease of verification.
Both sides also clashed on payments. Schiff insisted that crypto cards simply sell Bitcoin for fiat. CZ replied that users care about speed and convenience, not what happens behind the scenes, adding that “people already use crypto for payments, conversions happen in the background.”
Broader Implications and a Familiar Debate Reignited
Beyond the theatrics, the debate echoed a long-running argument about whether digital money can rival centuries-old stores of value. Schiff stuck firmly to gold’s physical traits, long lifespan, and central bank demand, warning that Bitcoin’s price swings reflect speculative cycles rather than real economic use.
CZ framed Bitcoin as a natural fit for a digital generation, being borderless, programmable, and predictable in supply. While the room offered no official winner, sentiment on X leaned toward CZ, with some arguing that Schiff’s points felt rooted in the past while his opponent presented a future-leaning vision shaped by global adoption.