Changpeng “CZ” Zhao, co-founder and former CEO of Binance, criticized Peter Schiff’s proposed tokenized gold offering, labeling it a “trust me bro” asset. In a recent post on X, CZ argued that such tokenized gold does not represent on-chain gold but rather a pledge that relies on third-party custody. He emphasized the risks involved, stating, “It’s tokenizing that you trust some third party will give you gold at some later date… even after their management changes, maybe decades later, during a war.” This statement came after Schiff, a vocal Bitcoin skeptic and gold advocate, revealed plans on the ThreadGuy podcast for a gold-backed token that users can buy, store in a vault via an app, transfer ownership on a blockchain, or redeem physically. Schiff envisions this as a digital, spendable form of gold, complete with debit cards linked to gold holdings. Meanwhile, Schiff reaffirmed his long-standing view that Bitcoin lacks intrinsic value and is destined to “go to zero,” calling it a “gigantic pump-and-dump” scheme. He also forecasted a severe sovereign debt crisis, hyperinflation, a collapse in US Treasury bonds, and gold prices soaring beyond $4,000 per ounce. According to Schiff, the US dollar’s role as the world’s reserve currency is waning, with foreign central banks divesting from Treasurys and boosting physical gold reserves in a monetary reset reminiscent of the 1970s. This critical exchange underscores the ongoing debate about the future of digital assets and traditional stores of value. For more details, visit https://cointelegraph.com/news/cz-calls-peter-schiffs-tokenized-gold-trust-me-bro-asset.