**Binance Founder Changpeng Zhao (CZ) Sparks Debate on Gold vs Bitcoin, Takes a Dig at Peter Schiff**
Binance founder Changpeng Zhao, popularly known as CZ, has once again ignited discussion on X regarding the ongoing debate between gold and Bitcoin. This time, CZ took a sharp dig at critic Peter Schiff by highlighting one of gold’s key limitations compared to digital assets: its verifiability.
### CZ Sparks the Fort Knox Discussion
The debate comes amid growing curiosity over the long-delayed audit of Fort Knox’s gold reserves. A user on X recently asked, “What ever happened to the audit at Fort Knox?” To this, CZ responded bluntly, “Gold is difficult to verify.” He also referenced Peter Schiff, a well-known gold proponent who frequently criticizes Bitcoin, dismissing it as “a speculative asset with no intrinsic value.”
For context, the United States Treasury reportedly holds approximately 261.5 million troy ounces of gold, with about 147.3 million ounces stored at Fort Knox. Reports suggest that the last full audit of these reserves took place decades ago, fueling calls for greater transparency.
### Verifying Crypto vs Gold
CZ’s remarks underscore the comparative advantage cryptocurrencies have over gold in terms of verifiability and transparency. Unlike gold, verification of reserves is neither real-time nor public. Access to gold stores is limited, audits are infrequent, and records lack full transparency.
In contrast, cryptocurrencies operate on blockchain technology, which ensures a fully transparent and real-time record of every transaction. This highlights how gold’s verifiability is inherently limited compared to the open and traceable nature of digital assets.
### The Tokenized Gold Debate
Recently, Peter Schiff announced plans to launch a tokenized gold product, arguing that gold is ideal to be put on a blockchain because it could deliver benefits that Bitcoin promises but cannot.
However, CZ quickly pushed back on this concept, stating that tokenized gold is not truly “on-chain.” Instead, it depends on trusting a third party to hold and deliver the physical gold. He further warned that external factors such as management changes, operational delays, geopolitical crises, or even war could impact these holdings.
### CZ’s Perspective on Gold’s Practicality
CZ has also previously expressed that while gold holds value, it is not practical for everyday use. This emphasizes that although gold has long been considered a trusted store of value, its verification and transparency fall short compared to modern digital assets.
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In summary, the ongoing gold versus Bitcoin debate highlights the growing importance of transparency and verifiability in asset ownership. CZ’s comments serve as a reminder that while gold holds historical significance, digital assets backed by blockchain technology offer a new standard of openness that traditional assets struggle to match.
https://coinpedia.org/news/cz-takes-aim-at-peter-schiff-questions-golds-verifiability-amid-fort-knox-audit-concerns/