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CZ Calls Peter Schiff's Tokenized Gold A 'Trust Me Bro' Asset
Authored by Amin Haqshanas via CoinTelegraph.com,
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 critic and gold advocate, announced plans on the ThreadGuy podcast to roll out a gold-backed token.
According to Schiff, users will be able to buy and store gold in a vault via an app, transfer ownership through a blockchain, or redeem it for physical gold.
He described it as an easier way to spend gold digitally, complete with debit cards linked to gold holdings.
