Binance co-founder and former CEO Changpeng Zhao (CZ) has denied the plans of cryptocurrency critic Peter Schiff to launch a gold-backed token product, calling it a "trust-based asset."
Changpeng Zhao (CZ) stated on the X platform on Thursday that the gold token is not on-chain gold but relies on third-party custody. "This is just tokenization; you need to trust that some third party will give you gold at some point in the future… even if management changes, possibly decades later, or even during wartime," he wrote.
CZ's comments came in response to long-time Bitcoin critic and gold supporter Schiff announcing plans to launch a gold-backed token on the "ThreadGuy podcast."
Schiff explained that users can purchase and store gold in vaults through an app, and can transfer ownership or redeem physical gold via blockchain. He described it as a more convenient way to consume digital gold. Additionally, the product comes with a debit card linked to the amount of gold held.
Schiff reiterated his view that Bitcoin will ultimately be worth zero. He stated that Bitcoin is a "Ponzi scheme" where early participants profit by cashing out at the expense of new investors.
"I still believe it will go to zero," he said, "I underestimated the gullibility of the public and the marketing ability of promoters."
Schiff also warned that the upcoming "sovereign debt crisis" will be far larger than that of 2008, predicting rampant inflation, a collapse of U.S. Treasury bonds, and gold prices exceeding $4,000 per ounce.
He believes the dollar's dominance as the global reserve currency is nearing its end, and the global financial system will inevitably return to the gold standard. He pointed out that foreign central banks have begun selling U.S. Treasury bonds, quietly replacing reserves with physical gold. This marks a shift reminiscent of the "monetary reset" during Nixon's era in the 1970s.
According to The Kobeissi Letter, gold experienced one of its largest declines in decades earlier this week, with a market value shrinkage of about $2.5 trillion within 24 hours. The metal plummeted 8% in two days, marking its largest drop since 2013, with a market value loss exceeding Bitcoin's entire circulating supply.
This sell-off occurred after a significant rise in gold prices this year. Driven by inflation concerns and global turmoil, investors flocked to gold, causing prices to soar by as much as 60%.
Related: Bunni DEX becomes the second crypto project to shut down this week.
Original article: “CZ calls Peter Schiff's tokenized gold a 'trust me bro' asset”
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