At Binance Forum, Peter Schiff Argues Bitcoin Has ‘Price, Not Value
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A long-awaited showdown between precious-metals advocate Peter Schiff and **Changpeng Zhao**, the founder of **Binance**, reignited the foundational question at the heart of crypto: *what is Bitcoin really for?* The debate unfolded at **Binance Blockchain Week in Dubai**, landing at a moment of unusual pressure for the entire digital asset market.
Hours before the session, attendees queued around the venue just to enter the overflowing main hall. What began as a polite exchange quickly sharpened into a philosophical clash: is Bitcoin a revolutionary monetary technology—or a speculative mania already heading toward collapse?
**A 27% slide sets the stage**
Bitcoin’s recent price action cast a long shadow over the event. BTC is down 27% from its 6 October peak above $126,000, influenced by macroeconomic uncertainty and rotating capital flows into AI-driven equities. In that same window, the **S&P 500** gained 1.4%, while gold rose 5.6%.
Schiff pounced on the divergence, arguing it signals an inevitable rotation out of Bitcoin and back into gold, predicting a “total collapse” once confidence breaks. Gold’s steady rise, he said, stands in stark contrast to the unfulfilled “to the moon” forecasts circulating earlier in 2025.
CZ, however, maintained his optimism. “I think gold will do well, **but Bitcoin will do even better**,” he countered, noting that Bitcoin’s $2–3 trillion market cap already places it firmly in global-asset-class territory—far ahead of altcoins and still, in his view, early in its long-term trajectory.
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**The utility argument: value vs. use**
The fiercest contention centered on the question of utility. echoing recent remarks by **Christine Lagarde**, Schiff argued that Bitcoin has “price, but no value.”
“Nothing is actually priced in Bitcoin,” he said. “No goods, no salaries, no services are quoted in BTC. Even so-called Bitcoin payrolls are just dollar salaries converted at the last second.”
CZ pushed back firmly. He pointed to Binance staff who have taken BTC salaries for years, effectively earning in “hard money,” and highlighted crypto’s real-world utility in emerging markets—especially in Africa, where transaction fees and settlement delays are steep. To reinforce the point, he had an audience member hold up a **Binance Visa card**, illustrating how seamlessly crypto can already function in payments.
Schiff remained unconvinced: “They’re not using it as money. They’re using it as collateral.”
Meanwhile, crypto adoption continues to expand. **US retailer Bealls** is rolling out crypto payments across 660 stores, Hong Kong’s financial centers are accelerating infrastructure integrations, and physical crypto penetration has skyrocketed—ATM installations have grown from 9 machines in 2013 to more than 37,700 today. **Fortune Business Insights** now projects the crypto-ATM market will grow 55% annually through 2032.
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**A rare moment of agreement**
Unlike the typical promotional panels that dominate industry events, this debate held attention precisely because neither side gave an inch. Schiff likened Bitcoin buying to purchasing “lottery tickets,” warning that disaster awaits when faith finally runs out.
Yet the session ended on an unexpectedly light note: Schiff floated the idea of listing his future *tokenized gold* offering on Binance’s BNB Chain.
CZ wished him luck—perhaps acknowledging that in a world where Bitcoin still trades around $93,000, there may be room for both *digital* and *physical* gold to coexist.
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