Bitcoin at $92,600: CZ and Peter Schiff Clash Over Digital vs. Physical Gold in Dubai Debate

Dubai, UAE – A highly anticipated debate between Binance founder Changpeng "CZ" Zhao and prominent gold advocate Peter Schiff took place on December 4, 2025, at Binance Blockchain Week in Dubai, reigniting the long-standing discussion on Bitcoin versus gold as the future of money. The heated exchange saw Schiff label Bitcoin as "pure speculation," while CZ championed it as a "real monetary network with global utility," with Bitcoin's price hovering around $92,600 during the event.

A pivotal moment occurred when CZ presented Schiff with a physical gold bar on stage. Schiff reportedly "couldn’t tell if it was real," struggling to verify its authenticity, a point that CZ used to underscore the transparency and verifiable scarcity of Bitcoin on the blockchain. Schiff maintained that Bitcoin lacks intrinsic value and is merely a speculative asset, arguing that its price is driven solely by the expectation that "someone else will pay more for it in the future."

Schiff, who is developing his own tokenized gold project (TGold.com), advocated for gold's tangible backing and industrial utility, stating that tokenized gold offers the benefits of divisibility and transferability without losing its fundamental value. He criticized Bitcoin for not functioning as a true unit of account or medium of exchange, comparing Binance to a "casino" where retail traders are "suckered" by hype.

Conversely, CZ highlighted Bitcoin's growing adoption and real-world utility, citing examples of individuals in Africa using Bitcoin for efficient payments, significantly improving their financial access. He contended that virtual assets, much like Google or Twitter, can hold immense value despite lacking physical form. CZ also noted Bitcoin's transparent and finite supply, contrasting it with the unknown total supply of gold.

The debate concluded with both figures agreeing to disagree on their fundamental views, though CZ extended an invitation for Schiff to list his tokenized gold on the Binance platform. The discussion underscored the deep philosophical divide between proponents of traditional assets and and the burgeoning digital asset economy, leaving attendees to ponder the evolving landscape of global finance.