CZ Clashes with Peter Schiff Over Tokenized Gold Proposal - Crypto vs Traditional Finance Showdown

Binance founder Changpeng Zhao delivers scathing critique of gold bug Peter Schiff's digital gold tokenization plan

The Crypto Titan Strikes Back

CZ didn't hold back when addressing Schiff's latest venture into digital assets. The Bitcoin bull questioned why anyone would trust a gold advocate to build tokenized versions of precious metals when decentralized alternatives already exist.

Gold Bug Goes Digital - Seriously?

Schiff's sudden pivot to blockchain technology raised eyebrows across crypto circles. After years of bashing Bitcoin as 'worthless,' the precious metals proponent now wants to tokenize physical gold - because nothing says innovation like putting 5,000-year-old asset classes on-chain.

Traditional Finance's Identity Crisis

The clash highlights the growing tension between crypto natives and traditional finance veterans trying to catch the blockchain wave. It's like watching your grandfather try to use TikTok - awkward but somewhat endearing.

Another day in crypto where the biggest skeptics suddenly become the most enthusiastic adopters - usually right before they ask for venture funding.

Changpeng Zhao predicts Bitcoin will surpass gold’s market cap

Earlier this week, Changpeng Zhao predicted that Bitcoin’s market cap will one day surpass gold’s. However, he acknowledged that the process may take some time considering the gap between the two assets is still relatively large. Though, Changpeng Zhao is certain it will one day come true.

According to data from Companies by Market Cap, gold is currently the largest asset globally with a market cap of $28.5 trillion. Meanwhile, Bitcoin is ranked in eight place with a market cap of $2.18 trillion.

Much like gold, Bitcoin has a finite supply; amounting to 19.93 million. Therefore it would need to reach a valuation of around $1.5 million per BTC in order to surpass gold’s NEAR $30 trillion market cap. Though the gap is still significantly large, Bitcoin has grown to become one of the fastest growing assets after crossing the $1 trillion mark within just six years after its launch in 2009.