Changpeng Zhao emphasizes the advantage of Bitcoin’s transparent supply, and Peter Schiff insists on gold’s intrinsic value theory

Foresight News reported on the spot that during the "Bitcoin vs Tokenized Gold" debate between Changpeng Zhao and Peter Schiff, Changpeng Zhao said that Bitcoin is money. As a purely digital currency system, its value does not rely on physical existence, just like virtual products such as the Internet, Google, and X, which have great value. He emphasized that there is no "physical bitcoin" in Bitcoin, and there are only transaction records on the blockchain, but this does not affect its actual utility as a global ledger and asset network. Unlike gold, the total supply of Bitcoin is completely transparent, verifiable and fixed at 21 million, making its supply and asset properties more certain. He pointed out that in reality, many people already regard Bitcoin as currency, including signing contracts, receiving salaries, long-term storage and investment in Bitcoin; the essence of currency comes from consensus and use, not whether it has an entity. Although most commodities are still priced in US dollars, the nature of price is relative. As long as both parties agree, Bitcoin can be used as a medium of exchange and a value storage tool. It is a new currency technology that is being implemented around the world.

Peter Schiff emphasized that Bitcoin does not have monetary attributes and is just a speculative digital asset that relies on confidence, rather than a real store of value. He pointed out that currency must be one of the most liquid commodities with practical uses and intrinsic value, while Bitcoin does not have any physical or industrial uses, and the price only comes from people's willingness to buy and speculative demand. At the same time, gold has become a real currency across thousands of years because its physical properties are stable, incorruptible, and will not disappear. Gold from thousands of years ago can still be used today, and its value reflects the discount of continued demand for thousands of years to come. Gold is still a central bank reserve asset, used to intervene in the market when the local currency is under pressure, while Bitcoin cannot assume any national-level financial functions. He believes that Bitcoin cannot be used as a unit of account, nor has it become a widely used payment medium. The vast majority of Bitcoin transactions come from speculation and buying and selling rather than commercial circulation. Therefore, Bitcoin cannot be called "money" and can only be regarded as a speculative digital collectible.
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