Binance founder Changpeng Zhao (CZ) has done this again sparked discussion on X on the gold vs. Bitcoin debate, drawing criticism from critic Peter Schiff. Known for his sharp comments, CZ pointed out one of the main limitations of gold compared to digital assets: its verifiability.
CZ stirs up the discussion about Fort Knox
This comes amid growing curiosity about the long-delayed audit of Fort Knox’s gold reserves.
one of the users asked “What ever happened to the audit at Fort Knox?”
CZ responded to this with the words “Gold is difficult to verify”. He also mentioned Peter Schiff in the post and made a dig at him. Peter Schiff is a strong believer in gold and has often criticized Bitcoin, calling it “a speculative asset with no intrinsic value.”
The US Treasury Department reportedly owns 261.5 million troy ounces of gold, of which 147.3 million ounces are held in Fort Knox. Reports indicate that the last full audit of these reserves took place decades ago, leading to calls for greater transparency.
Verify Crypto vs Gold
CZ’s comments show that compared to gold, cryptocurrencies offer better verifiability and transparency. Verification of gold is not real-time or public. Access is limited, audits are infrequent, and data may not be transparent.
However, cryptocurrencies are built on blockchain technology, which provides a completely transparent, real-time view of every transaction. This shows that gold’s verifiability is limited compared to the open, traceable nature of digital assets.
The tokenized gold debate
Recently, Schiff announced plans to launch a tokenized gold product, saying gold is ideal to put on a blockchain because it could deliver the benefits that Bitcoin promises but cannot deliver.
However, CZ quickly backtracked and said that tokenized gold is not truly ‘on-chain’. Instead, it relies on a third party to actually own and deliver the gold. He had also warned that external factors such as management changes, slowdowns, geopolitical crises or even wars could also affect these holdings.
CZ has also previously said that while gold is valuable, it is not practical for everyday use.
This shows that while gold has long been a trusted store of value, its verification and transparency lag behind modern digital assets.
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