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

Peter Schiff reiterated that Bitcoin will “go to zero” and warned that the US dollar’s era as the global reserve currency is ending, predicting a return to a gold-based system.

Binance co-founder and former CEO Changpeng “CZ” Zhao dismissed crypto critic Peter Schiff’s plan to launch a tokenized gold product, calling it a “trust me bro” asset.

In a Thursday post on X, CZ said tokenized gold is not onchain gold, but a promise dependent on third-party custody. “It’s tokenizing that you trust some third party will give you gold at some later date… even after their management changes, maybe decades later, during a war,” he wrote.

CZ’s comments came after Schiff, a long-time Bitcoin (BTC) critic and gold advocate, announced plans on the ThreadGuy podcast to roll out a gold-backed token.

Read more