🔥 CZ Fires Back at Peter Schiff: “Your Tokenized Gold Is Just a Shiny ‘Trust-Me-Bro’” 🤦♂️💥
Crypto heavyweight Changpeng Zhao (CZ), founder of Binance, just threw shade at long-time Bitcoin critic Peter Schiff — and the crypto world is buzzing.
Schiff recently announced plans to launch a “tokenized gold” product, claiming it would merge his favorite asset with blockchain innovation. But CZ wasn’t impressed — calling it a digital version of the same old centralized system.
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💣 CZ’s “Truth Bomb” Breakdown
🪙 The ‘Trust-Me-Bro’ Token:
CZ argued that Schiff’s token still relies on a centralized custodian to store and redeem the gold — exactly what crypto was designed to eliminate.
🔗 Not Truly On-Chain:
According to CZ, putting gold on a token doesn’t make it decentralized. The asset’s real-world value remains tied to traditional intermediaries, not blockchain’s trustless infrastructure.
⚠️ The Counterparty Problem:
CZ questioned, “What happens decades later — during war, after management changes?” emphasizing the ongoing risk that the gold might not be there when needed.
📉 Why Gold Tokens Fail:
He concluded that this reliance on trust is why no gold-backed crypto project has ever really taken off.
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🪙 The Irony
Schiff, who has long mocked Bitcoin as “digital fool’s gold,” is now embracing blockchain — only to have one of crypto’s biggest names say he missed the point entirely.
The debate over what truly counts as “decentralized value” just got a lot more interesting — and gold’s latest attempt at a blockchain glow-up isn’t convincing everyone.
