Changpeng Zhao (co-founder of Binance) did not mince his words when commenting on the latest idea of Peter Schiff – a staunch critic of Bitcoin and supporter of gold. When Schiff announced plans to launch a gold-backed token, CZ mercilessly dealt him his cards.
Gold token? More like a trust token, Changpeng Zhao scoffs
This is not onchain gold, it is a custodian-dependent promise
– wrote Changpeng Zhao on the X platform.
In his opinion, Schiff’s tokenized gold is nothing more than a bet that someone delegated will actually give you the precious metal in the future.
Even after management changed, maybe decades later, during the war
– added CZ with his typical irony.
Schiff outlined his vision during the ThreadGuy podcast. Its token is intended to enable the purchase and storage of gold in a vault via the application, transfer of ownership via blockchain and the option to exchange it for physical gold. Additionally, debit cards linked to precious metal resources. It sounds futuristic, but Changpeng Zhao clearly doesn’t buy this story.
Bitcoin will fall to zero – according to Schiff
Meanwhile, Schiff himself continues his crusade against Bitcoin that has been going on for almost a decade. In the same interview, he reiterated that the cryptocurrency “will go to zero,” calling it a “giant pump-and-dump.”
I underestimated the naivety of the audience and the marketing agility of those promoting it
– he said, which sounds a bit like an excuse from someone who missed the opportunity of a lifetime 😉
Schiff also warns of a coming sovereign debt crisis, which he believes will overshadow 2008. He predicts hyperinflation, a collapse of U.S. Treasury bonds and a rise in the price of gold above $4,000 an ounce. The era of USD as a global reserve currency is coming to an end, and the world will “inevitably return to gold,” he argues.
Gold lost $2.5 trillion in 24 hours
The irony is that gold recently experienced one of its worst sessions in decades. In just 24 hours, it lost approximately $2.5 trillion in market value – more than Bitcoin’s total capitalization. The 8% drop in two days is the worst result since 2013.
Maybe Schiff should deal with his own asset first before criticizing cryptocurrencies? Or maybe that’s why he uses blockchain – because he knows that the future is digital.
