Bitcoin (BTC) debate reignited… Changpeng Zhao: "Peter Schiff only sees it as speculation"

Changpeng Zhao, founder of Binance, rebuked Peter Schiff's criticism of Bitcoin (BTC), reigniting the debate.

Changpeng Zhao noted on the 4th (local time) on X (formerly Twitter) that Schiff "views Bitcoin only from the perspective of a speculative asset."

Changpeng Zhao said, "Peter Schiff correctly points out problems in the monetary system, yet he looks at Bitcoin only from the perspective of a speculative asset. This is because he has never actually used Bitcoin."

The remark was interpreted as emphasizing that Bitcoin is not merely subject to price volatility, but an asset whose value is revealed through real-world use.

Earlier, Schiff directly criticized Bitcoin's 'digital gold' narrative. He claimed, "The assertion that Bitcoin is digital gold is close to delusional. Bitcoin holders will end up selling all their holdings." Schiff, who has championed gold as a core investment asset, has long regarded Bitcoin as a risky asset with unclear intrinsic value.

The exchange revived the age-old debate over whether 'Bitcoin can replace gold.' While Changpeng Zhao agreed with Schiff's pointing out structural problems in the monetary system, he drew a line by saying that defining Bitcoin solely as a speculative asset is limiting.

Meanwhile, Schiff denied Bitcoin's legitimacy as a store of value and maintained that the term 'digital gold' is exaggerated.

With clear differences in perspectives surrounding Bitcoin, further comments from the two figures could continue the debate. The market responded that it confirmed once again that evaluations can differ depending on whether the criterion for judging Bitcoin's value gives weight to 'narrative' or 'real-world use.'