October 24, 2025 — Crypto and Commodities:
A fresh debate over the future of money is emerging as gold advocate and longtime Bitcoin critic Peter Schiff publicly challenged Binance co-founder Changpeng “CZ” Zhao to a live debate comparing Bitcoin and tokenized gold.

The challenge, posted on X earlier this week, focused on which asset better fulfills the traditional functions of money: a medium of exchange, a unit of account, and a store of value. CZ, who recently received a presidential pardon from Donald Trump, responded positively, calling Schiff “professional and non-personal” and expressing interest in debating the topic.

Schiff Pushes Tokenized Gold

Schiff, CEO of Euro Pacific Asset Management, has long criticized Bitcoin for its volatility, speculative nature, and lack of intrinsic value. He argues that gold, particularly tokenized gold, provides a more reliable alternative for money on the blockchain.

“Ideally, the one thing that makes sense to put on a blockchain is gold,” Schiff said, explaining that his upcoming Shift Gold platform will allow users to buy, store, transfer, and redeem gold via blockchain tokens.

According to Schiff, tokenized gold can serve as a medium of exchange, a unit of account, and a store of value — the key properties of money.

CZ Counters: Bitcoin’s Decentralized Advantage

CZ sharply criticized tokenized gold, arguing that it is not truly “on-chain” because it relies on third-party custodians:

“Tokenizing gold is NOT ‘on-chain’ gold. It’s tokenizing that you trust some third party will give you gold at some later date — maybe decades later, during a war, after management changes, etc. It’s a ‘trust me bro’ token,” he said on X.

He emphasized that trust-based systems are why gold coins have historically failed to gain broad adoption, while Bitcoin’s decentralized structure provides a more reliable form of digital money.

Market Context

The debate comes amid heightened global attention to both assets:

• Gold recently hit a record high above $4,035 per ounce amid U.S. fiscal concerns.
• Bitcoin crossed $126,000, its highest level ever.

While Bitcoin has surged about 150% since the start of 2024, gold rose roughly 100% over the same period. Since its creation in 2009, Bitcoin has gained millions of percent in value, far outpacing gold’s long-term returns.

CZ has predicted that Bitcoin could eventually flip gold in market capitalization, though he acknowledges it will take time — with gold at roughly $30 trillion and Bitcoin at $2 trillion.

Tokenized Gold Market Expands

The tokenized gold market is also growing rapidly. Combined market capitalization for assets like Tether Gold (XAUT), PAX Gold (PAXG), and Kinesis Gold (KAU) recently surpassed $3.75 billion, up from $3 billion earlier this month. Daily trading volumes exceeded $640 million, while monthly transfers topped $8.6 billion.

Analysts note that while gold-backed tokens are gaining traction, Bitcoin may be entering a new phase of institutional accumulation and market maturity.

“Bitcoin remains severely undervalued compared to gold and could reach $1.3 million per coin if it matched gold’s total market capitalization,” said Lightspark CEO David Marcus, highlighting Bitcoin’s role as a global settlement layer.

The proposed debate between Schiff and CZ underscores an ongoing clash between physical and digital scarcity and highlights the broader discussion over which assets will define the next era of money.

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