Bitcoin skeptic Peter Schiff pitches onchain gold tokenization app, CZ calls it a ‘trust-me-bro’ token
Peter Schiff is developing a tokenized gold app, which CZ dismissed as a 'trust-me-bro' token dependent on third-party trust.Summary
Longtime gold advocate and Bitcoin skeptic Peter Schiff announced that his company, Schiff Gold, is developing a blockchain application to allow users to buy vaulted physical metal, tokenize ownership, and instantly transfer it for payments or redemption, effectively carrying gold on their phones.
Binance founder Changpeng "CZ" Zhao criticized the concept on X, arguing that tokenized gold is not truly onchain metal but rather a promise contingent on trusting a third party, labeling it a "trust-me-bro" token.
Schiff defended the necessity of intermediaries, citing established custodians like Brinks, while Bloomberg Intelligence analyst Eric Balchunas quipped that the structure essentially recreates existing gold ETFs. Meanwhile, the overall market cap for tokenized gold assets, led by Tether Gold and PAX Gold, recently reached an all-time high of $4.03 billion.
(Source：The Block)