Peter Schiff Challenges Binance Founder CZ to Debate as Bitcoin Vs. Gold Rivalry Heats Up

Bitcoin critic and renowned economist Peter Schiff has challenged Binance co-founder Changpeng “CZ” Zhao to a debate that will focus on the flagship crypto and gold. Schiff outlined the areas they will debate on as they look to determine which asset best satisfies the conditions of money.

Schiff Challenges CZ To Bitcoin Vs. Gold Debate

In an X post, Schiff stated that he was challenging the Binance co-founder to a Bitcoin vs. tokenized gold debate. He further remarked that the debate will focus on which of these two assets best satisfies the conditions of money, including “being a medium of exchange, a unit of account, and a store of value.”

CoinGape had earlier reported that Changpeng Zhao had countered Schiff, stating that tokenizing the precious metal is not “on-chain” gold. This came as Scgiff revealed plans to launch a tokenized gold product.

The Bitcoin vs. gold debate has heated up recently, even as the precious metal rallied to new highs while BTC cooled off. Notably, there have also been talks about a potential rotation from gold to BTC.

CoinGape reported how gold suffered its largest daily decline since 2013 on the same day that Bitcoin rallied to intra-week highs. Prominent investor and entrepreneur Anthony Pompliano was among those who declared that the rotation from gold to BTC had begun.

Pompliano also mentioned how gold had been a “disastrous investment” since 2020. He noted how the precious metal had lost 84% of its purchasing power to a “finite sound money asset like Bitcoin.” He added that BTC is the “hurdle rate” and urged gold bugs to join the BTC wagon.

BTC To Flip Gold At Some Point

CZ recently boldly predicted that Bitcoin would flip gold, despite the wide margin in their market caps at the moment. Gold currently has a market cap of around $30 trillion, while BTC’s market cap is $2 trillion.

CZ stated that he doesn’t know exactly when BTC will flip BTC, but that it might take some time, and that it will happen. Meanwhile, he also declared that the flagship crypto was a better asset than gold, though he doesn’t believe gold will fade away.

The Binance co-founder also highlighted how Bitcoin has outperformed gold since its creation. He noted that BTC went from $0.004 to its current highs over its 16-year existence, surpassing gold’s gains during this period.