Gold’s Value Also Relies on Belief, Just Like Bitcoin — CZ Fires Back at Peter Schiff

Former Binance CEO Changpeng Zhao has defended the value of Bitcoin in response to Peter Schiff’s latest criticism. 

Schiff has continued his long-running criticism of Bitcoin, taking to X to criticize its value model. In his latest post, the Bitcoin skeptic argued that the BTC price is driven purely by speculative belief, rather than intrinsic value.

According to him, Bitcoin only functions as long as new investors keep entering the market and believing the illusion that “nothing is something.”

CZ Defends the Legitimacy of Bitcoin Value 

Binance’s co-founder immediately issued a rebuttal to Schiff’s criticism, noting that the same logic also applies to gold, as well as other forms of money. 

CZ pointed out that gold, an asset Schiff frequently champions as the ultimate store of value, does not derive its worth from industrial use or practical utility. Instead, he argued, gold’s value is rooted in a collective belief system, the very same principle Schiff claims applies exclusively to Bitcoin. 

In CZ’s view, assets such as gold, Bitcoin, and all forms of money are valuable only because people trust and believe in them as stores of value or mediums of exchange.

When this belief wanes, the value of the assets would also drop, irrespective of whether it is Bitcoin or the world’s most precious metal.  

Same as gold and all other forms of “money”/debt.

Gold’s price is not derived from its industrial or utility value. Just a pure belief system.

— CZ 🔶 BNB (@cz_binance) October 29, 2025

CZ and Schiff Latest Exchange 

This latest exchange between CZ and Peter Schiff continues their ongoing debate over the merits of tokenized gold versus Bitcoin. The discussion began last week after Schiff announced plans to tokenize gold through his company.

According to Schiff, the initiative would allow investors to purchase tokenized gold, with the physical bullion held securely in a vault on their behalf.

However, CZ criticized the concept, arguing that similar projects have historically struggled because they depend on trust in a centralized entity for storage and redemption. He went on to label Schiff’s proposed product a “trust me, bro token.”

The back-and-forth ultimately led the two to agree to a public debate on which asset — tokenized gold or Bitcoin — serves as a better form of money and a store of value.

Interestingly, a poll of X users chose Elon Musk as the preferred moderator for the debate, though the date and time have yet to be announced.