Well-known gold enthusiast and Bitcoin critic Peter Schiff is once again under fire, this time from Binance founder Changpeng “CZ” Zhao. The former CEO of Binance responded sharply to Schiff’s plans to launch a gold-backed token. According to CZ, it has little to do with real blockchain innovation and is mainly about trust in third parties.
CZ: “You trust a party that once promises to give gold”
In a post on “It’s nothing more than a token that depends on a third party’s promise that they will give you gold later,” CZ said. “Maybe years later, after a management change, or even during a war.”
Schiff announced his plans on the ThreadGuy podcast, explaining that users will be able to buy, store and transfer gold via blockchain technology through an app. Owners could also cash out or use their gold with a payment card linked to their gold reserves.
Still, CZ doesn’t seem impressed. According to him, the initiative misses the core of what makes blockchain valuable: decentralization and self-management of assets.
Schiff: “Bitcoin will eventually go to zero”
Peter Schiff, in the same interview, reiterated his well-known position that Bitcoin (BTC) has “no intrinsic value” and will eventually go to zero. “I underestimated how gullible the public is and how smart Bitcoin marketers are,” he said.
In addition, Schiff warned of a new global debt crisis that he believes will be worse than that of 2008. He expects hyperinflation, a crash in US government bonds and gold prices above $4,000 per ounce.
Ironically, gold actually lost more than $2.5 trillion in value this week, the biggest drop in more than a decade. Bitcoin, on the other hand, remained remarkably stable around $109,000.
Source: https://newsbit.nl/cz-haalt-uit-naar-peter-schiff-tokenized-gold-is-gewoon-een-trust-me-bro-asset/
