Bitcoin and Gold Enter Act Two! Peter Schiff Criticizes BTC Again, Binance Founder CZ Retorts!

Famous economist Peter Schiff, one of the staunchest supporters of gold, has once again targeted Bitcoin.

Schiff, who has long argued that Bitcoin has no value, criticized Bitcoin’s value model in his latest post from his X account.

Schiff argued that the BTC price is driven purely by speculative beliefs rather than intrinsic value.

According to Schiff, Bitcoin only works as long as new investors continue to enter the market and “the number of fools who don’t believe anything is anything increases.”

The famous name stated that BTC is essentially worthless but has experienced unrealistic value due to speculative interest.

Furthermore, Schiff argued that once investor demand for Bitcoin decreases, its price will start to fall, leading old believers to lose confidence in the asset.

Schiff added that as more people lose faith in Bitcoin, it could eventually lead to a collapse in BTC’s value.

Bitcoin and Gold Commentary from CZ!

While the gold advocate continued to double down on his criticisms of Bitcoin, Binance founder CZ immediately responded to Schiff’s criticisms, hitting Schiff in the face.

At this point, CZ stated that the same logic applies to gold and other types of money.

CZ noted that the value of gold, an asset Schiff often champions as the ultimate store of value, does not derive from industrial use or practical utility.

In this context, CZ argued that the value of gold is based on a collective belief system, and that the principle that Schiff claims only applies to Bitcoin is the same for gold.

Ultimately, according to CZ, assets like gold, Bitcoin, and all forms of money are valuable only because people trust and believe in them as stores of value or mediums of exchange.

*This is not investment advice.