CZ argues why Bitcoin still struggles to become the world's preferred safe haven compared to gold

Changpeng Zhao (CZ) recently provided an in-depth explanation during an AMA session on Binance Square regarding his public discussion with gold advocate Peter Schiff. The founder of Binance stated that although Bitcoin is technically clearly superior to gold, the adoption rate remains a core obstacle that restricts its development on the path to becoming a global safe-haven asset. CZ emphasized, “I believe Bitcoin has advantages over gold, but we must recognize that Bitcoin is still a nascent entity.”

The Huge Gap in Adoption Scale

CZ analyzed the fundamental difference between Bitcoin and gold. Gold has been a trusted global asset for thousands of years, whereas Bitcoin’s user base is still in its early stages. He pointed out that Bitcoin’s adoption space is far from saturated, and with increased awareness among institutions, governments, and individual users in the future, this base is expected to grow exponentially.

CZ illustrated this with an intuitive ratio: “Compared to the global adoption scale of gold, Bitcoin’s user base is roughly one-tenth of that, which means there is still enormous growth potential.” He further added that as awareness continues to increase, the Bitcoin user community could expand significantly, and the potential for this growth multiple is astonishing.

Global Turmoil Drives Investors Toward Precious Metals

In analyzing current market behavior, CZ also candidly acknowledged the reasons why gold still holds an advantage. The instability of the global economic and political environment causes investors to tend to shift funds into historically proven safe-haven assets during times of uncertainty. “We are in an era of increasing global volatility,” CZ stated, “and when people need to move assets into safe harbors, their first thought is still gold.”

This preference is more rooted in historical cognition and trust inertia rather than technological considerations. The intergenerational transmission, cultural recognition, and geopolitical neutrality of gold give it an irreplaceable role during crises. In contrast, although Bitcoin possesses technological advantages such as decentralization, strong transferability, and a fixed supply, these features have yet to establish an equivalent trust foundation in the minds of global investors.

From Technological Innovation to Market Recognition Requires Time

Although CZ affirmed Bitcoin’s technological advantages—including transparency, portability, and a fixed supply—he also pointed out a key reality: it will take a longer period for Bitcoin to gain genuine recognition as a safe asset worldwide.

“Bitcoin is indeed a great technological innovation,” he explained, “but for it to be widely accepted as a safe-haven tool, it needs to be validated over time.” This involves not only improving the technology itself but also a societal shift in understanding this new asset class. As the Bitcoin network continues to mature, its ecosystem improves, and more user education is conducted, its advantages over existing safe assets are expected to gradually become apparent, but this process will not happen overnight.