Zhao Changpeng debates Peter Schiff on the "everyday payment issue": Zhao Changpeng claims that Bitcoin can achieve similar functions to tokenized gold

Zhao Changpeng (CZ) and economist Peter Schiff engaged in a debate on "Bitcoin vs Tokenized Gold" at the Binance Blockchain Week event. Schiff advocates for gold as a superior store of value, while CZ emphasizes the practicality of Bitcoin.

Schiff pointed out that most users do not actually spend Bitcoin directly; they typically convert it to fiat currency before shopping. CZ countered that, from the user's perspective, Bitcoin can seamlessly integrate into everyday payment systems, especially with the advent of cryptocurrency cards. Users simply swipe the card, and Bitcoin is instantly deducted, while merchants receive their preferred currency.

Schiff then shifted to emphasize that the value of Bitcoin depends on the price the next buyer is willing to pay, which is fundamentally different from stocks or businesses that generate actual earnings. Schiff believes that Bitcoin is merely a speculative asset, lacking intrinsic value or stable support. Since gold has historically been seen as a way to preserve and increase value, merchants may be more inclined to choose tokenized gold over Bitcoin, especially during periods of rising inflation. However, CZ pointed out that Bitcoin can achieve similar functionality through tokenization and rapid verification processes.