Changpeng “CZ” Zhao, the founder of Binance, has agreed to debate with longtime bitcoin skeptic Peter Schiff on Bitcoin’s value against tokenized Gold. The upcoming discussion aims to compare both assets as a medium of exchange, unit of account, and store of value. This debate has already generated buzz across the crypto and Gold community, with suggested moderators being Ran Neuner and Natalie Brunell.
The exchange began when Schiff publicly challenged CZ to a “Bitcoin versus tokenized gold” debate. CZ accepted the challenge, saying on X, “As much as you voice against Bitcoin, you are always professional and nonpersonal. I appreciate that. Can have a debate about it.” Schiff replied shortly after, confirming his interest and noting that several people had already offered to moderate.
I am in the mood for it. 😆
— CZ 🔶 BNB (@cz_binance) October 23, 2025
As much as you voice against bitcoin, you are always professional, and non personal. I appreciate that. Can have a debate about it.
Interestingly, this debate talk surfaced just hours after U.S. President Donald Trump granted CZ a full pardon. The pardon overturned his 2023 money-laundering conviction linked to Binance’s compliance issues. Trump defended his decision, saying CZ “wasn’t guilty” and was “persecuted by the Biden administration.” Consequently, the timing has added political weight to an already heated ideological clash.
Schiff’s Tokenized Gold Vision
Peter Schiff, a long-time Bitcoin critic and Gold advocate, recently unveiled his new project — a tokenized Gold platform and neobank. The system will issue a blockchain-based token called Tgold, allowing users to buy physical Gold, store it in vaults, and transfer it digitally. Schiff described it as “real money for the digital age.”
Peter Schiff reveals he will be launching a tokenized gold product
— Tengen (@Crypto_Tengen) October 23, 2025
"You'll be able to buy gold on an app through your phone, the gold will be stored in a vault and then you will be able to effortlessly transfer ownership of gold to people you know or redeem it for physical gold" pic.twitter.com/mWCXVKj9v8
Besides, this initiative comes amid a strong Gold rally, with prices peaking at $4,380 per ounce before stabilizing near $4,128. Schiff argues that tokenized Gold offers a stable, asset-backed hedge against Bitcoin’s volatility.
However, CZ disagreed sharply. “Tokenizing gold is NOT ‘on-chain’ Gold,” he wrote. “It’s tokenizing that you trust some third party will give you gold at some later date.” He warned that such reliance reintroduces centralized trust — the very issue Bitcoin was built to remove.
According to Newhedge data, Bitcoin has surged from near zero in 2010 to over $125,000 in 2025. Gold has slowly risen from about $1,000 to more than $3,000 per ounce over the years. Meanwhile, its connection with Bitcoin has shifted up and down, showing that the two don’t always move in the same direction.
The CZ-Schiff debate centers on a key choice between digital trust and tangible value. Their exchange could influence how investors view money’s future, balancing technology-driven assets with the timeless appeal of Gold.