CZ calls Peter Schiff’s tokenized gold a ‘trust me bro’ asset

Binance co-founder Changpeng “CZ” Zhao criticized Peter Schiff's plan to launch a tokenized gold product, labeling it a "trust me bro" asset. CZ argued that tokenized gold is not true on-chain gold but rather a promise reliant on third-party custody, even across management changes or during conflict. This critique followed Schiff's announcement of a gold-backed token allowing users to store gold in a vault, transfer ownership via blockchain, or redeem it for physical metal, complete with linked debit cards. Separately, Schiff reiterated his long-standing view that Bitcoin will eventually become worthless, calling it a "gigantic pump-and-dump." He also predicted a severe sovereign debt crisis, hyperinflation, and the end of the US dollar's reserve currency status, forecasting a return to a gold-based global financial system.

(Source：Cointelegraph)