- Former Binance boss Changpeng Zhao argues that Bitcoin transactions are verifiable – a quality that gold transactions lack.
- While Zhao rejects offers of tokenized gold, Bitcoin opponent Peter Schiff defends his negative view: “BTC is worthless.”
Binance Blockchain Week opened on Wednesday, with Binance CEO Richard Teng introducing Binance co-founder Yi He as the new co-CEO.
As the event continued, there was a spectacular appearance by Bitcoin opponent Peter Schiff and ex-Binance boss Changpeng Zhao. The two argued over the value of Bitcoin versus gold.
Zhao asked Schiff about TGold, the tokenized gold platform. He pulled out a gold bar, held it up and asked, “Is this real gold?” Of course, Schiff couldn’t check this. Zhao then explained that the authenticity of Bitcoin could be verified immediately.
Peter Schiff’s Bitcoin criticism
Schiff countered this:
“Bitcoin is worthless to me, not because I can’t touch it, taste it or smell it. I recognize that things that are intangible can have value… The problem is that you can’t do anything with them.”
He continued that Bitcoin has no use other than being able to be transferred from one person to another, such as from him to Zhao and from Zhaoan to someone else.
Another point of discussion was the scarcity of the two assets. Bitcoin has a mathematically defined fixed supply of 21 million tokens, but Schiff argued that gold is inherently scarce and its supply grows slowly. Zhao argued to Schiff that gold’s utility in commercial transactions is limited, while Bitcoin offers practical utility through its entire network. He recalled that he once received his salary in Bitcoin in 2014 and noted that there are now payment cards that allow you to use Bitcoin for everyday purchases.
Alongside Changpeng Zhao, Michael Saylor is a staunch Bitcoin supporter. In September, he predicted that BTC would outperform gold by 10x, linking his forecast to the US Bitcoin Strategic Reserve Act introduced by President Donald Trump.
Gold’s market capitalization currently stands at $29.461 trillion, having recently become the first asset in history to reach a value of $30 trillion. Its price reached an ATH of in October 4381,58 $ and is now included 4237 $.
Bitcoin’s market capitalization remains at $1.84 trillion, while its price is at 92.578 $ 26% below its all-time high of 126.000 $ is, with next resistors 99.070 $ and 100.000 $.
No Comments