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                        Contents
                        <ul class="article__contents-list"><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h220">Peter Schiff, the Bitcoin critic, responds</a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h347">Binance is determined to open a Beijin office</a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h495">‘China Coin’s’ collateral – gold or yuan?</a></li></ul>
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    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 <a rel="nofollow" target="_blank" href="u.today/max-keiser-chinas-cryptocurrency-will-be-backed-by-gold">DCEP would be backed by gold</a> 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 <a rel="nofollow" target="_blank" href="#">Bitcoin critic</a>, 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 <a rel="nofollow" target="_blank" href="https://www.bloomberg.com/news/articles/2019-10-07/china-s-gold-buying-spree-tops-100-tons-amid-prolonged-trade-war">Bloomberg article</a>, since December this year, China has bought 100 tons of gold.
    
    <blockquote class="twitter-tweet">
    According to <a rel="nofollow" target="_blank" href="https://twitter.com/maxkeiser?ref_src=twsrc%5Etfw">@maxkeiser</a> I'm an idiot because I think <a rel="nofollow" target="_blank" href="https://twitter.com/hashtag/gold?src=hash&amp;ref_src=twsrc%5Etfw">#gold</a> is better money than <a rel="nofollow" target="_blank" href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>. He also claims China is about to launch a crypto currency backed by gold. This is bullish for gold and bearish for Bitcoin. A crypto backed by gold is much better than one backed by nothing!
    — Peter Schiff (@PeterSchiff) <a rel="nofollow" target="_blank" href="https://twitter.com/PeterSchiff/status/1190391860541435904?ref_src=twsrc%5Etfw">November 1, 2019</a></blockquote>
    
    
    <blockquote class="twitter-tweet">
    It's not backed by those properties. You can't redeem your Bitcoin in those properties. You can't use those properties for anything other than transferring your Bitcoin, and that value only matters if someone else wants your Bitcoin.
    — Peter Schiff (@PeterSchiff) <a rel="nofollow" target="_blank" href="https://twitter.com/PeterSchiff/status/1190445277133623298?ref_src=twsrc%5Etfw">November 2, 2019</a></blockquote>
    
    
    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 <a rel="nofollow" target="_blank" href="https://www.coindesk.com/binance-to-open-beijing-office-amid-chinas-renewed-blockchain-push">open an office in Beijin</a>, now that the government has sort of promised to approve of blockchain companies and is about to launch its own centralized crypto.
    
    <a rel="nofollow" target="_blank" href="#">card</a>
    
    ‘China Coin’s’ collateral – gold or yuan?
    
    However, other than Max Keiser, all reports about the <a href="https://u.today/just-in-chinese-central-bank-to-launch-digital-currency-called-dcep">Chinese coin DCEP</a>, 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.
    
    
    
    <em>What are your thoughts on the statements of Keiser and Schiff? Share them in the comment section!</em>
    
    &nbsp;
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                        Contents
                        <ul class="article__contents-list"><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h220">Peter Schiff, the Bitcoin critic, responds</a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h347">Binance is determined to open a Beijin office</a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h495">‘China Coin’s’ collateral – gold or yuan?</a></li></ul>
        Advertisement
        
            
        
        
            
                    
                
                                                
    
            
            
                    
                
                                                
    
            
        
    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 <a rel="nofollow" target="_blank" href="u.today/max-keiser-chinas-cryptocurrency-will-be-backed-by-gold">DCEP would be backed by gold</a> 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 <a rel="nofollow" target="_blank" href="#">Bitcoin critic</a>, 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 <a rel="nofollow" target="_blank" href="https://www.bloomberg.com/news/articles/2019-10-07/china-s-gold-buying-spree-tops-100-tons-amid-prolonged-trade-war">Bloomberg article</a>, since December this year, China has bought 100 tons of gold.
    
    <blockquote class="twitter-tweet">
    According to <a rel="nofollow" target="_blank" href="https://twitter.com/maxkeiser?ref_src=twsrc%5Etfw">@maxkeiser</a> I'm an idiot because I think <a rel="nofollow" target="_blank" href="https://twitter.com/hashtag/gold?src=hash&amp;ref_src=twsrc%5Etfw">#gold</a> is better money than <a rel="nofollow" target="_blank" href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>. He also claims China is about to launch a crypto currency backed by gold. This is bullish for gold and bearish for Bitcoin. A crypto backed by gold is much better than one backed by nothing!
    — Peter Schiff (@PeterSchiff) <a rel="nofollow" target="_blank" href="https://twitter.com/PeterSchiff/status/1190391860541435904?ref_src=twsrc%5Etfw">November 1, 2019</a></blockquote>
    
    
    <blockquote class="twitter-tweet">
    It's not backed by those properties. You can't redeem your Bitcoin in those properties. You can't use those properties for anything other than transferring your Bitcoin, and that value only matters if someone else wants your Bitcoin.
    — Peter Schiff (@PeterSchiff) <a rel="nofollow" target="_blank" href="https://twitter.com/PeterSchiff/status/1190445277133623298?ref_src=twsrc%5Etfw">November 2, 2019</a></blockquote>
    
    
    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 <a rel="nofollow" target="_blank" href="https://www.coindesk.com/binance-to-open-beijing-office-amid-chinas-renewed-blockchain-push">open an office in Beijin</a>, now that the government has sort of promised to approve of blockchain companies and is about to launch its own centralized crypto.
    
    <a rel="nofollow" target="_blank" href="#">card</a>
    
    ‘China Coin’s’ collateral – gold or yuan?
    
    However, other than Max Keiser, all reports about the <a href="https://u.today/just-in-chinese-central-bank-to-launch-digital-currency-called-dcep">Chinese coin DCEP</a>, 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.
    
    
    
    <em>What are your thoughts on the statements of Keiser and Schiff? Share them in the comment section!</em>
    
    &nbsp;
    ') (Line: 1133)
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Bitcoin Will Suffer If ‘China Coin’ Gets Backed by Gold – Peter Schiff Responds to Max Keiser

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Sat, 2/11/2019 - 8:53
Bitcoin Will Suffer If ‘China Coin’ Gets Backed by Gold – Peter Schiff Responds to Max Keiser
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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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Contents
Advertisement

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.

card

‘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!

 

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