CZ and Peter Schiff's debate on "Bitcoin vs. Gold Tokenization" has begun, with CZ stating that Bitcoin is easier to verify authenticity compared to gold.

BlockBeats News, December 4th, during the Binance Blockchain Week event, CZ and economist/cryptocurrency critic Peter Schiff officially started the "Bitcoin vs Tokenized Gold" debate. Peter Schiff stated that in the future, tokenized gold (tgold) will provide two withdrawal options: withdrawal of physical gold bars or coins (which can be withdrawn in desired specifications), or withdrawal of an equivalent amount of gold-backed tokens. The tokens will serve as a claim ticket for the holder's gold in the vault, similar to a "pickup ticket for a locker," allowing for redemption of physical gold at any time.

CZ displayed a gold bar and asked Peter Schiff to authenticate it on the spot. Schiff mentioned that he couldn't confirm its authenticity as he had never seen the hallmark of that mint before and suggested that it would need to be assayed to be certain. He also pointed out a slight color difference between the gold bar and his own 24K gold jewelry. CZ noted that "Gold is hard to authenticate, but Bitcoin is easy."

Peter Schiff argued that Bitcoin's on-chain transfer is merely "updating a record" and does not transfer any physical asset or ownership rights. On the other hand, the on-chain transfer of tokenized gold represents the actual ownership of physical gold in the vault, making its value source clear and verifiable. Even if gold can be tokenized, made more divisible, and easily tradable, its value is still backed by physical gold itself, not confidence or emotion.