比特币 vs 黄金：CZ 与 Peter Schiff 关于未来货币的交锋
Moderator: Welcome everyone to the closing session of Binance Blockchain Week. We have a debate that has been years in the making. On one side, the founder of Binance, Changpeng Zhao (CZ), representing the future of digital assets. On the other, the CEO of Euro Pacific Capital and the ultimate gold advocate, Peter Schiff. Gentlemen, welcome.
主持人：欢迎大家来到币安区块链周的闭幕会议。这是一场酝酿多年的辩论。一方是代表数字资产未来的币安创始人赵长鹏（CZ）；另一方是欧洲太平洋资本首席执行官、黄金的终极拥护者彼得·希夫（Peter Schiff）。先生们，欢迎。
Peter Schiff: Good to be here. I actually have something interesting to show today. You know I’ve been a critic of crypto, but I’m launching a new project: Tokenized Gold. It allows users to buy, store, and trade physical gold via tokens. It solves the problems of portability while keeping the intrinsic value of gold.
Peter Schiff：很高兴来到这里。实际上我今天有些有趣的东西要展示。你们知道我一直是加密货币的批评者，但我正在启动一个新项目：代币化黄金。它允许用户通过代币购买、存储和交易实物黄金。它在保留黄金内在价值的同时，解决了便携性问题。
CZ: That’s fascinating, Peter. So, what I hear you saying is that tokenized gold is in some ways almost better than gold itself because it is divisible, transferable, transportable, and serves as a medium of exchange?
CZ：这很有意思，Peter。所以，我听你的意思是，代币化黄金在某些方面几乎比黄金本身更好，因为它是可分割的、可转移的、可运输的，并且可以作为交换媒介？
Peter Schiff: In terms of monetary use, that is correct. The token is simply the evidence that you own the gold in the vault. For money purposes, tokenized gold is better than physical gold. Ownership can change hands while the gold never leaves the vault. But unlike Bitcoin, it is backed by something real.
Peter Schiff：就货币用途而言，是这样的。代币仅仅是你拥有金库中黄金的证明。为了货币目的，代币化黄金确实比实物黄金更好。所有权可以转手，而黄金从未离开金库。但与比特币不同，它是由真实的东西支持的。
CZ: (Pulls out a physical gold bar from his pocket) I have a question for you, Peter. This is a gold bar. Can you tell me if this is real? Right here, right now?
CZ：（从口袋里掏出一块实物金条） 我有个问题问你，Peter。这是一块金条。你能告诉我这是真的吗？就现在，在这里？
Peter Schiff: Well, not just by looking at it. I would need to test its weight, its density... I’d need an expert or some equipment to verify it fully.
Peter Schiff：嗯，光看是看不出来的。我需要测试它的重量、密度……我需要专家或一些设备才能完全验证它。
CZ: Exactly. That is the key difference. If I give you Bitcoin right now, we can verify it in several ways that you received it. It settles instantly and transparently on-chain. You don’t need an expert; the network verifies it. With your tokenized gold, I still have to trust a third party—the custodian holding the gold. With Bitcoin, I trust the code.
CZ：正是如此。这就是关键的区别。如果我现在给你比特币，我们可以通过几种方式验证你是否收到了它。它在链上即时且透明地结算。你不需要专家；网络会进行验证。而对于你的代币化黄金，我仍然必须信任第三方——保管黄金的托管人。而在比特币中，我信任的是代码。
Peter Schiff: But you are trusting a system that is backed by nothing! Gold has intrinsic value. It is used in industry, in electronics, in jewelry. Bitcoin is just digital air. Its value comes purely from belief. If people stop believing in it, it goes to zero. Gold will never go to zero because it is a physical commodity that is needed.
Peter Schiff：但你信任的是一个毫无支撑的系统！黄金具有内在价值。它用于工业、电子产品和珠宝。比特币只是数字空气。它的价值纯粹来自信仰。如果人们不再相信它，它就会归零。黄金永远不会归零，因为它是一种被需要的实物商品。
CZ: The internet is virtual. There is nothing physical about Google or X (Twitter), but they clearly have value. Many virtual things have value; that value is not tied to physical properties. Bitcoin’s utility comes from its censorship resistance, its borderless nature, and its scarcity. You say gold is scarce, but if the price goes high enough, we will mine more, or mine the ocean floor. Bitcoin is mathematically capped at 21 million.
CZ：互联网也是虚拟的。谷歌或 X（推特）没有任何物理实体，但它们显然有价值。许多虚拟事物都有价值；这种价值并不通过物理属性绑定。比特币的效用来自于它的抗审查性、无国界性质和稀缺性。你说黄金是稀缺的，但如果价格足够高，我们会开采更多，或者去海底开采。比特币在数学上被限制在2100万枚。
Peter Schiff: Scarcity alone doesn’t create value. There are plenty of rare diseases I don’t want. Bitcoin essentially has no utility. You claim it’s money, but you can’t buy anything with it. You have to sell it to get dollars to buy things.
Peter Schiff：仅有稀缺性并不创造价值。有很多罕见的疾病我可不想要。比特币本质上没有效用。你声称它是货币，但你不能用它买任何东西。你必须卖掉它换成美元才能买东西。
CZ: (Holds up a Binance Card) Actually, thousands of people use crypto for payments every day. With this card, I can swipe it at any merchant. From the user's perspective, I am spending crypto.
CZ：（举起一张币安卡） 事实上，每天有成千上万的人使用加密货币进行支付。有了这张卡，我可以在任何商家刷卡。从用户的角度来看，我就是在花费加密货币。
Peter Schiff: But the merchant doesn’t receive crypto. They receive fiat. You are just liquidating an asset to pay with currency. All Bitcoin does is enable a transfer of wealth from the people who buy to the people who sell. It’s a negative-sum game after fees.
Peter Schiff：但商家收到的不是加密货币。他们收到的是法币。你只是在变现资产以用法币支付。比特币所做的只是实现了财富从买家到卖家的转移。算上费用，这是一个负和游戏。
CZ: Every market is a transfer of wealth if you look at it that way. But Bitcoin creates efficiency. I know a user in Africa who used to wait three days to pay bills through banks. With crypto, he cut that time to three minutes and saved enough fees to build his savings. That is real utility. It’s a new technology for money.
CZ：如果你那样看，每个市场都是财富转移。但比特币创造了效率。我认识一位非洲用户，过去通过银行支付账单需要等三天。有了加密货币，他将时间缩短到了三分钟，节省下来的费用足以让他建立储蓄。这就是真正的效用。这是货币的新技术。
Peter Schiff: Let’s look at the performance. You talk about "store of value." But if you measure Bitcoin in gold, it has crashed. At its peak in 2021, one Bitcoin could buy about 37 ounces of gold. Today, in late 2025, it buys maybe 22 ounces. That’s a 40% loss in real purchasing power. Gold has held its value; Bitcoin has lost it.
Peter Schiff：让我们看看表现。你谈论“价值存储”。但如果你用黄金来衡量比特币，它已经崩盘了。在2021年的巅峰时期，一个比特币可以购买大约37盎司黄金。今天，在2025年底，它大概只能买22盎司。这在实际购买力上是40%的损失。黄金保值了；比特币贬值了。
CZ: You are cherry-picking a specific timeframe. If you zoom out 10 or 15 years, Bitcoin has outperformed gold by thousands of percent. Even in the last 5 years, Bitcoin is up significantly in dollar terms. Volatility is the price of growth. Gold is stable, yes, but it’s stagnant.
CZ：你在挑选特定的时间框架。如果你把时间拉长到10年或15年，比特币的表现比黄金好上千倍。即使在过去5年里，以美元计算，比特币也显著上涨了。波动是增长的代价。黄金确实稳定，但它是停滞的。
Peter Schiff: I worry about the future generation. Young people are putting their savings into this bubble. When it bursts, they are going to learn a very painful lesson. They will get wiped out, and then they’ll come running back to the safety of gold.
Peter Schiff：我担心下一代。年轻人把积蓄投入到这个泡沫中。当泡沫破裂时，他们将得到一个非常痛苦的教训。他们会被洗劫一空，然后跑回来寻求黄金的安全感。
CZ: I actually think the opposite. The younger generation grew up with the internet. For them, digital assets are native. They don’t want to carry heavy metal bars or trust a vault they can’t see. They trust code. And honestly, I know many early adopters who sold some Bitcoin and bought houses in your neighborhood, Peter. They are doing just fine.
CZ：我实际上持相反的看法。年轻一代是伴随着互联网长大的。对他们来说，数字资产是原生的。他们不想以此携带沉重的金属条，也不想信任一个他们看不见的金库。他们信任代码。老实说，Peter，我认识许多早期采用者，他们卖掉了一些比特币，然后在你家附近买了房子。他们过得很好。
Peter Schiff: They were the lucky ones at the top of the pyramid scheme. But the people buying now are the bag holders.
Peter Schiff：他们是金字塔骗局顶端的幸运儿。但现在买入的人就是“接盘侠”。
CZ: Time will tell. I believe gold will continue to do well, but Bitcoin will do even better. We are seeing institutional adoption, ETFs, and now even nation-states looking at it. The train has left the station.
CZ：时间会证明一切。我相信黄金会继续表现良好，但比特币会表现得更好。我们看到了机构的采用、ETF，甚至现在连国家都在关注它。列车已经驶离车站了。
Moderator: We will have to leave it there. A clash of philosophies: the tangible versus the digital, the historic versus the futuristic. Thank you, CZ. Thank you, Peter.
主持人：我们要在这里结束了。这是哲学的碰撞：有形与数字，历史与未来。谢谢你，CZ。谢谢你，Peter。