Bitcoin Will Suffer If ‘China Coin’ Gets Backed by Gold – Peter Schiff Responds to Max Keiser

News
Sat, 11/02/2019 - 08:53
article image
Yuri Molchan
The Euro Pacific Capital CEO responds to Max Keiser’s statement, in which he said that the so-called ‘China Coin’ to be backed by gold and pose a serious threat on USD
Bitcoin Will Suffer If ‘China Coin’ Gets Backed by Gold – Peter Schiff Responds to Max Keiser
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News
Contents

As reported by U.Today on November 1, the Bitcoin bull and a financial commentator Max Keiser spread the word about the widely discussed ‘China Coin’ which is reportedly to be called ‘DCEP’ (digital currency electronic payment).

In a recent interview, Keiser stated that DCEP would be backed by gold and this would be a massive blow against the USD.

Peter Schiff, the Bitcoin critic, responds

Following that announcement of the Bitcoin bull, the CEO of Euro Pacific Capital, Peter Schiff, known to be a Bitcoin critic, said that if Keiser is right and China is on track to unleash crypto pegged to the world’s most precious metal, it will be bullish for gold and bearish for Bitcon.

As per a recent Bloomberg article, since December this year, China has bought 100 tons of gold.

Binance is determined to open a Beijin office

The recent statement of President Xi Jinping has already started to change China’s official attitude towards blockchain and crypto. A few days ago, CoinDesk reported that Binance intends to open an office in Beijin, now that the government has sort of promised to approve of blockchain companies and is about to launch its own centralized crypto.

Related
Bitcoin Price Predicted to Go to $16,000 "Soon-ish" by Binance CEO Changpeng Zhao

‘China Coin’s’ collateral – gold or yuan?

However, other than Max Keiser, all reports about the Chinese coin DCEP, including official Chinese sources, have said that ‘China Coin’ is going to be backed by yuan, and there was not a single word about gold.

What are your thoughts on the statements of Keiser and Schiff? Share them in the comment section!

 

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.