Binance (CRYPTO: BNB) founder Changpeng “CZ” Zhao said Thursday that while Peter Schiff understands the problems with fiat money, he is too “stubborn” to accept Bitcoin (CRYPTO: BTC) as the solution.
CZ On Viral ‘Trick’
In an X post, CZ discussed his debate with Schiff at the Binance Blockchain Week and his viral stunt challenging the Bitcoin critic to prove the authenticity of a gold bar.
“I thought that trick may work. Bitcoin made it easy,” CZ said.
CZ added that while Schiff understands the issues with modern monetary systems, he views Bitcoin primarily as a speculative asset.
“Peter is so close,” the former Binance CEO said. “He hasn't used Bitcoin enough. He is a gentleman though.”
CZ Says Schiff Almost There, But ‘Stubborn’
CZ described Schiff as “stubborn” when asked whether he could finally convince the longtime skeptic to accept Bitcoin’s potential.
“But we are actually friends now. Small win,” CZ said.
Schiff’s Defence
Meanwhile, Schiff replied to critics who claimed that he lost the debate convincingly, stating, “You just hear what you want to hear. Confirmation bias.”
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Bitcoin Vs. Gold
The keenly-awaited debate saw CZ challenge Schiff to authenticate a gold bar on stage, a task Schiff admitted he couldn’t perform without equipment.
CZ said this was done to highlight the trust required in traditional assets like gold, compared to the instant verification offered by Bitcoin’s ledger.
While Schiff acknowledged Bitcoin’s transparency, he said that this alone does not make it money, emphasizing gold’s real-world demand in manufacturing, electronics and other sectors.
Price Action: At the time of writing, BTC was exchanging hands at $92,619.99, up 1.27% in the last 24 hours, according to data from Benzinga Pro. Spot gold was trading at $4,207.05 per ounce, down 0.% over the last 24 hours
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Photo Courtesy: bitz100 on Shutterstock.com
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
