**Changpeng Zhao (CZ) Critiques Peter Schiff’s Tokenized Gold Plans**
Changpeng Zhao (CZ), founder and former CEO of Binance, has weighed in on recent developments involving gold advocate Peter Schiff. Schiff recently announced plans for a tokenized gold product, a move that marks a notable shift in his stance. Despite this pivot, CZ remains skeptical and has offered a pointed critique.
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### Schiff’s Tokenized Gold Announcement: A Shift in Strategy
For years, Peter Schiff has been a vocal critic of Bitcoin (BTC), even going as far as forecasting an imminent price crash recently. However, with his announcement to launch a tokenized gold product, Schiff is now embracing blockchain technology to make gold more accessible and transferable.
This new approach has caught the attention of CZ, who responded not by criticizing gold itself but by highlighting what he sees as a “hype mismatch” surrounding tokenized gold.
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### CZ’s Perspective: The Reality Behind Tokenized Gold
According to CZ, while tokenized gold might sound revolutionary, it often functions merely as a digital claim on physical gold held by a central custodian. The gold itself is not truly “on-chain,” meaning individuals don’t directly hold the asset on the blockchain. Instead, it’s more comparable to a bank promising to return deposits.
CZ emphasized the risks involved: if the issuer were to go bankrupt, fall victim to hacking, or change ownership, these guarantees could collapse. Physical gold is durable and enduring, but promises tied to tokenized versions may not withstand economic turmoil, wars, or other crises years down the line.
Summing up his concerns, CZ dubbed such offerings “trust me bro” tokens, explaining that this is a key reason why no tokenized gold product has yet gained widespread adoption.
In essence, this discussion touches on the broader promise of blockchain technology. While Schiff is marketing convenience combined with gold, CZ reminds the community that genuine innovation lies in eliminating, not outsourcing, trust.
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### Continued Criticism of Peter Schiff Amid Gold Price Decline
Peter Schiff is also facing broader criticism from within the cryptocurrency community, especially after gold prices plunged to record lows on Wednesday, October 22, 2025.
Veteran crypto trader Peter Brandt playfully mocked Schiff by sharing a historical gold chart, illustrating the precious metal’s challenging investment history. Despite an average annual return of 3.6% over the past 45 years, gold has endured prolonged and deep consolidation phases, testing the patience of investors.
Interestingly, earlier this month, Schiff predicted that gold could soar to $6,000 by Christmas, outperforming Bitcoin and the S&P 500. However, gold’s price recently trended downward, slipping below $4,100 on October 22, which has intensified skepticism around Schiff’s forecast.
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### Bitcoin’s Performance Amid Volatility
In contrast, Bitcoin continues to experience volatility but is showing signs of recovery. Over the past 24 hours, BTC’s price increased slightly by 1.17%, reaching $109,629, reflecting ongoing investor interest despite market fluctuations.
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**Summary:** The contrasting views of Peter Schiff and CZ highlight the ongoing debate about trust, innovation, and the future of asset tokenization. While Schiff pushes for convenience through tokenized gold, CZ cautions investors to carefully consider the underlying risks tied to custodial assets on the blockchain.
https://u.today/cz-reveals-real-reason-tokenized-gold-has-not-taken-off
