Peter Schiff: "Bitcoin payments are speculative bets"... Clashes with crypto industry leaders

Source: DigitalToday Original Title: Peter Schiff: “Bitcoin Payments Are Speculative Bets”… Clash with Changpeng Zhao Original Link:

At a blockchain week event held in Dubai, gold investor Peter Schiff and key crypto industry figure Changpeng Zhao ((CZ)) engaged in a heated debate over the future of Bitcoin.

According to blockchain media, Peter Schiff argued, “Bitcoin payments are not real payments, they are merely speculative bets.” He criticized that “people who use Bitcoin are not actually paying with cryptocurrency, but are converting it to fiat currency for use,” adding, “This is not a payment, but simply an asset liquidation.”

In response, CZ countered, “Bitcoin can function as a payment method.” Citing examples of crypto cards, he emphasized that “when a user swipes the card, Bitcoin is deducted, and the merchant receives the currency they want,” highlighting that a practical payment system is possible.

The debate expanded to Bitcoin’s speculative nature. Schiff claimed, “Bitcoin is not a store of value, it’s just a lottery ticket,” but CZ rebutted, “Bitcoin has established itself as a long-term asset, and speculation is just one aspect of it.”

There was also disagreement over the potential of tokenized gold. Schiff asserted, “If inflation persists, merchants will prefer gold, which can maintain purchasing power,” but CZ responded, “Bitcoin, through tokenization and instant verification, can serve a similar function.”

This debate highlighted the tensions between digital currencies and traditional assets, leaving questions about whether Bitcoin can truly establish itself as a legitimate payment method.