CZ debates "everyday payment issues" with Peter Schiff: CZ claims Bitcoin can achieve similar functions to tokenized gold

Zhao Changpeng (CZ) and economist Peter Schiff debated "Bitcoin vs Tokenized Gold" at the Binance Blockchain Week event. Schiff advocates for gold as a superior store of value, while CZ emphasizes the practicality of Bitcoin.

Schiff pointed out that most users do not actually spend Bitcoin directly; they typically convert it to fiat currency before shopping. CZ countered that, from the user's perspective, Bitcoin can seamlessly integrate into everyday payment systems, especially with the advent of cryptocurrency cards. Users simply swipe the card, and Bitcoin is instantly deducted, while merchants receive their preferred currency. Additionally, he mentioned that the use of crypto cards aligns with the booming trend of DeFi innovations, which are gradually reshaping the financial landscape.

Schiff then shifted to emphasize that Bitcoin's value depends on the price the next buyer is willing to pay, which is fundamentally different from the fundamentals of stocks or businesses that can generate actual profits. Schiff believes that Bitcoin is merely a speculative asset, lacking intrinsic value or stable support. Since gold has historically been viewed as a means of preserving and increasing value, merchants may be more inclined to choose tokenized gold over Bitcoin, especially during times of heightened inflation. However, CZ pointed out that Bitcoin can achieve similar functionality through tokenization and rapid verification processes.