At Binance Blockchain Week, CZ (Zhao Changpeng) engaged in a heated debate with renowned Bitcoin skeptic Peter Schiff, discussing the value storage and trading attributes of gold and Bitcoin. Surprisingly, Schiff, a long-time critic of cryptocurrencies, took the stage with his own gold tokenization project. (Background: Gold Godfather Peter Schiff declares war on CZ: BTC will eventually go to zero, "tokenized gold" is the digital return to currency) (Background supplement: CZ Zhao Changpeng will debate with Bitcoin's main antagonist Peter Schiff! Digital gold BTC vs. Tokenized gold: Which better fulfills the monetary attribute?) In the closing segment of Binance Blockchain Week, Binance founder Zhao Changpeng (CZ) and renowned "Bitcoin skeptic" and gold advocate Peter Schiff engaged in an in-depth face-to-face debate. During this dialogue, the two discussed gold and Bitcoin from multiple dimensions, including value storage, trading attributes, and monetary forms. Surprisingly, Peter Schiff, the economist who has long criticized cryptocurrencies, took to the stage with his own "tokenization project." Opponents of Bitcoin are now venturing into the "tokenization" arena. The debate began dramatically. Despite having what CZ called "home advantage," with an audience full of cryptocurrency supporters, Peter Schiff showed no stage fright. Even more interestingly, the debate didn't begin with heated accusations, but rather with an unexpected "consensus": the tokenization of gold. At the start of the debate, CZ pointed out that while Peter Schiff had opposed cryptocurrencies for years, he seemed to be working on a gold tokenization project. Peter Schiff readily confirmed this and enthusiastically introduced his new project: a product that tokenizes gold through notes. Towards the end of Peter Schiff's presentation, CZ posed a more formal question: "So, what I hear you saying is that, in some ways, tokenized gold is almost better than gold itself because it is divisible, transferable, transportable, and a medium of exchange." This question directly points to the fact that Peter Schiff's past criticisms of cryptocurrencies have been shaken, thus officially starting this debate.Faced with CZ's challenge, Peter Schiff displayed exceptional debating skills. He acknowledged that "in terms of the use of money, this is true," arguing that the practice of tokenizing gold has existed since ancient times, but now it can be represented digitally to represent this "ownership of gold." This opening set a subtle tone for the entire debate: both sides recognized the utility of technology, but fundamentally disagreed on the "source of value." Peter Schiff then shifted his focus, arguing that current fiat currencies, like Bitcoin, are essentially "air without any backing." He argued that tokenized gold is legitimate because it is backed by physical metal. Bitcoin's value comes purely from "belief." CZ countered that the internet, Google, and Twitter are virtual, without physical form, yet they possess immense value. While Bitcoin doesn't physically exist (it's merely a record on a ledger), its value comes from utility, scarcity, and global consensus. CZ then directly addressed the Achilles' heel of gold—its lack of portability. At the event, CZ presented a 1-kilogram gold bar (worth approximately $130,000), a gift from a prominent figure in Kyrgyzstan. When CZ handed the gold bar to Schiff for authentication, Schiff displayed the "caution" of a gold enthusiast: "The color looks a bit off... If I don't know the mint's name, I can't confirm it's real gold; I'd have to get it tested." Schiff even jokingly asked if the gold bar could be given to him as a gift. This segment became the climax of the event, vividly exposing the pain points of physical assets. CZ launched a sharp counterattack: "If I give you a Bitcoin right now, we can immediately verify on the blockchain that you received it. But this gold bar, even an expert like you can't immediately verify its authenticity on the spot, and I can't easily take it across the border." The debate then shifted to its core theoretical clash: What truly constitutes money? CZ points out that although gold is scarce, we do not know its true reserves at present, and we do not know whether there will be a strange "alchemy" in the future that will make gold unlimited.Bitcoin has only 2,100 coins, a well-known operating principle. From this perspective, Bitcoin's scarcity as "money" is undeniable. However, Peter Schiff argues that while Bitcoin is indeed scarce, the number of newly issued tokens in the world is limitless. He further points out that Bitcoin's current use is primarily speculative, with few people using it as currency. The discussion then shifts to another aspect of these two assets as "money": payment. Regarding the significance of payment, CZ attempts to demonstrate the use of cryptocurrency for payments by showcasing the Binance Card. Schiff counters that this merely "converts" Bitcoin into fiat currency for merchants, meaning users are essentially "liquiding assets" rather than directly using Bitcoin as currency. CZ points out that from a user experience perspective, this is payment, and it solves the problem of merchant acceptance. He shares a story of an African user: before cryptocurrency, paying a bill required a three-day walk; now it only takes three minutes. This is the true utility of Bitcoin as technology. Is Bitcoin's investment return lower than gold? When the conversation turned to investment returns, the exchange became highly charged. Peter Schiff presented a striking statistic: Bitcoin's price, measured in gold, is now 40% lower than it was four years ago. He argued that despite numerous positive factors over the past four years, including ETFs, the Super Bowl ad, and El Salvador's fiatization, Bitcoin's failure to break its previous highs signaled the bursting of a bubble. He defined Bitcoin as "pure speculation," believing buyers were simply playing the fool. Even when CZ pointed out that over a longer period, Bitcoin's return from 5 cents to $100,000 far exceeded that of gold, Peter Schiff seemed to deliberately ignore this. CZ then asked Peter Schiff whether he preferred Bitcoin or gold, to which Peter Schiff responded with a controversial statement: "It's good that young people lose money on Bitcoin because it's a valuable lesson. It's better to lose money when you're young than when you're old; it teaches them how to invest prudently in the future." CZ humorously retorted: "I know many people who bought Bitcoin early on, and they've now made hundreds of millions or even billions.""They became my neighbors because they sold some of their Bitcoin and could afford the house there." CZ then downplayed short-term fluctuations, emphasizing that in the long run, Bitcoin's rise from worthless to tens of thousands of dollars is a huge success. He refuted Schiff's use of the term "speculators" to describe the entire ecosystem, stating it was inaccurate because there are also many builders and real users. Schiff even predicted that, given gold's breakout from a 12-year consolidation and subsequent rise...

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