Binance (BNB) founder Changpeng "CZ" Zhao has a theory about longtime Bitcoin skeptic Peter Schiff: the economist gets it, he just won't admit it. According to CZ, Schiff clearly understands what's broken about fiat currency, but he's being too "stubborn" to accept Bitcoin (BTC) as the fix.

The Viral Gold Bar Stunt

CZ took to X to reflect on his debate with Schiff at Binance Blockchain Week, particularly his now-viral moment challenging the gold advocate to prove a gold bar was authentic on stage.

"I thought that trick may work. Bitcoin made it easy," CZ explained.

The point wasn't just theatrics. CZ wanted to demonstrate how traditional assets like gold require trust and specialized equipment to verify, while Bitcoin's blockchain offers instant, transparent verification to anyone with an internet connection.

Almost There, But Not Quite

Despite their fundamental disagreement, CZ seems genuinely optimistic about Schiff's potential Bitcoin conversion. The problem, according to the former Binance CEO, is simply lack of experience.

"Peter is so close," CZ said. "He hasn't used Bitcoin enough. He is a gentleman though."

When asked whether he could finally convince the longtime skeptic, CZ described Schiff as "stubborn" but added a silver lining: "But we are actually friends now. Small win."

Schiff Pushes Back

For his part, Schiff isn't accepting defeat. When critics claimed he lost the debate convincingly, the economist fired back: "You just hear what you want to hear. Confirmation bias."

During the debate, Schiff admitted he couldn't authenticate the gold bar without proper equipment, but he argued this doesn't make Bitcoin superior as money. While acknowledging Bitcoin's transparency, Schiff emphasized gold's tangible value in manufacturing, electronics, and other real-world applications.

The Bigger Picture

The debate highlights a fundamental divide in how people think about money and value. CZ sees Bitcoin's verifiable scarcity and transparent ledger as solving trust problems inherent in both fiat currency and physical assets. Schiff maintains that true money needs industrial demand and physical properties beyond just being a store of value or medium of exchange.

Whether Schiff ever comes around remains to be seen, but if CZ's friendship strategy works, maybe there's hope yet.

Price Action: At the time of writing, BTC was trading at $92,619.99, up 1.27% in the last 24 hours. Spot gold was trading at $4,207.05 per ounce, down 0.5% over the last 24 hours.