Changpeng “CZ” Zhao, co-founder and former CEO of Binance, has dismissed Peter Schiff’s tokenized gold initiative, labeling it a “trust me bro” asset rather than genuine on-chain gold. Posting on X, CZ emphasized that tokenized gold relies on trusting a third party to deliver physical gold at a future date—regardless of management changes or unforeseen crises like war.
This critique follows Schiff’s announcement on the ThreadGuy podcast about launching a gold-backed token. Schiff proposed a system where users can buy gold stored in a vault, transfer ownership via blockchain, or redeem it physically, with plans to introduce debit cards linked to gold holdings for easier digital spending.
Schiff remains steadfast in his view that Bitcoin lacks intrinsic value and will ultimately decline to zero, describing it as a “gigantic pump-and-dump” orchestrated by early adopters cashing out. He also warned of a looming sovereign debt crisis and hyperinflation, foreseeing the collapse of US Treasury bonds and gold soaring beyond $4,000 per ounce. Schiff predicts the end of the US dollar’s reign as the global reserve currency, expecting a shift back to a gold-based financial system, with foreign central banks already reducing US Treasury holdings in favor of physical gold.
Meanwhile, gold experienced a historic drop earlier this week, losing around $2.5 trillion in market value over 24 hours—its worst downturn since 2013—after surging 60% earlier this year amid inflation concerns and global instability.
Read the full story at https://cointelegraph.com/news/cz-calls-peter-schiffs-tokenized-gold-trust-me-bro-asset
Source: https://cointelegraph.com/news/cz-calls-peter-schiffs-tokenized-gold-trust-me-bro-asset