• Gold Bull Peter Schiff argued Bitcoin is purely speculative, with value dependent on future buyers rather than intrinsic utility.
• He called Binance a“pretty big casino,” stating that retail traders are getting“suckered” into the hype.
• The debate centered around Bitcoin's role as money, with Schiff noting it fails as a unit of account or medium of exchange.

Binance CEO Changpeng 'CZ' Zhao called Bitcoin (BTC) a“better version of gold” on Thursday in a debate against gold bull Peter Schiff at Binance Blockchain Week.

“I think gold will do well, but Bitcoin will do better,” CZ said. He highlighted Bitcoin's digital, portable, and divisible nature, noting that while it exists only as a record on the blockchain, it still holds value through widespread trust and usage.“Google has value. Twitter has value. Many virtual things have value,” he added, stating that Bitcoin's virtual form does not reduce its worth.

Schiff countered, comparing Binance to a casino and saying many retail participants are“suckered” by hype and speculative gains.“You're running a pretty big casino,” Schiff said. CZ pushed back, noting Binance's hundreds of millions of users and arguing that adoption reflects Bitcoin's value and legitimacy.

Speculation Vs. Fundamentals

Schiff framed Bitcoin as a speculative asset, saying,“When I buy Bitcoin, all I'm doing is betting that someone else will pay more for it in the future.” He noted that, unlike stocks, Bitcoin generates no income or dividends, and compared it to tokenized gold, which he said transfers ownership of a tangible asset.

CZ acknowledged speculation plays a role in Bitcoin's price but emphasized the growing ecosystem of developers and global users, as well as adoption in underbanked regions. He argued that digital assets provide financial access previously unavailable in many parts of the world, offering utility beyond speculation.

Bitcoin's Role As Money

Schiff stated that Bitcoin fails basic monetary functions.“It's not a unit of account. It's not used to pay for goods or services. It's largely a speculative asset traded between investors.” 

CZ responded that Bitcoin's utility extends beyond immediate commerce, pointing to its global accessibility, scarcity, and growing adoption.“You have a pretty narrow definition of money,” CZ told Schiff.

Bitcoin's price was trading at around $92,600 in early trade on Thursday, edging 0.5% lower in the last 24 hours. The SPDR Gold Shares ETF (GLD) also edged 0.5% lower in pre-market trade. Retail sentiment on Stocktwits around BTC trended in 'bearish' territory over the past day, while sentiment around GLD was in the 'neutral' zone.

Read also: Tom Lee Predicts Ethereum Will Outperform Bitcoin, Says Crypto Prices Have 'Likely Bottomed'

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