CZ AGREES TO DEBATE PETER SCHIFF ON THE TRUE NATURE OF TOKENIZED GOLD
Peter Schiff is set to launch his own gold-backed token — a surprising move after years of criticizing Bitcoin and the broader crypto industry. The gold will be held by his company, while buyers receive digital tokens representing ownership of that gold. Schiff argues that tokenized gold is superior to Bitcoin. Ironically, he now claims that putting gold on the blockchain is what finally makes it practical and easy to use.
CZ, however, disagrees. He argues that tokenized gold isn’t real on-chain gold like Bitcoin, but merely a third-party promise — one that comes with regulatory risks and the potential for confiscation in times of crisis, much like the U.S. gold seizure of 1933. According to CZ, that means it’s not truly decentralized. He jokingly calls such assets “Trust Me, Bro” tokens, explaining that this very reason is why gold-backed cryptos have never become a mainstream phenomenon.