The CEO of Binance, Changpeng Zhao, popularly referred to as CZ, has slammed a well-known Gold investor, Peter Schiff, for his stern criticism of Bitcoin (BTC). CZ Binance sees Peter Schiff as one of the finest advertisers of Bitcoin, despite his daily effort to play down the functionality of the digital currency and only Gold.
Peter Schiff Criticizes Bitcoin (BTC)
This came about after the gold investor shared his view about an article published and shared by Cointelegraph titled, “Bitcoin Could Become Like ‘Prison Cigarette’ Amid Deepening Financial Crisis”.
Peter Schiff seized the opportunity to throw jibe at the use cases of Bitcoin. He said cigarettes are even more valuable than BTC because it can be acquired with money and they are also valued by non-smokers.
He further elaborated that cigarette is a medium of money exchange, but Bitcoin does not possess all these qualities.
He said, “Cigarettes are money because inmates can smoke them. Even non smokers value them, as there are plenty of smokers in prison. So cigarettes function as a medium of exchange and a store of value, as they can be smoked in the future. You can’t smoke Bitcoin.”
CEO of Binance Responds
CZ, the CEO of Binance has been a fan of Bitcoin (BTC) over the years. He’s always there to defend the digital currency, due to his faith in its prospect. This makes him one of the best promoters of Bitcoin in the cryptocurrency ecosystem.
CZ swiftly responded to the jibe threw at Bitcoin by Peter Schiff he termed as a ‘jealous competitor. He said that the gold investor has not realized that cryptocurrency becomes more popular once he talks about it.
Conclusively, CZ Binance declared that Schiff is one of the best advertisers of Bitcoin (BTC).
“Adorable Mr. Schiff. He’s like one of those jealous competitors that keep on spreading “bad news” about you, but don’t realize they just keep talking about you. He is one of the best advertisers for bitcoin.” CZ responded.