Max Keiser: China's Cryptocurrency Will Be Backed by Gold

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Fri, 11/01/2019 - 17:42
Alex Dovbnya

Max Keiser spills some beans about China's gold-backed cryptocurrency (presumably DCEP) that could pose a serious threat to the US Dollar

Cover image via U.Today
Contents

According to financial commentator Max Keiser, the US is in danger of falling through a "trap door" that is set by China, whose gold-buying spree recently surpassed 100 tons.      

In such a metaphoric way, Keiser dropped a bombshell that China's much-talked-about cryptocurrency is going to be pegged to gold during his most recent appearance on Kitco.     

“[China] is rolling out a cryptocurrency, a lot of the details have not been divulged. I can tell you that the cryptocurrency that China’s rolling out will be backed by gold. It’s a two-pronged announcement. Number one, China’s got 20,000 tonnes of gold, number two, we’re rolling out a crypto coin backed by gold, and the dollar is toast.”      

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China's crypto push

As reported by U.Today, the People's Bank of China plans is set to become the first central bank to roll out its own digital currency called "DCEP" after working on the project for about six years.

China's renowned interest in crypto comes after President Xi Jinping endorsed the Blockchain technology, which underpins Bitcoin. His words allegedly pushed the BTC price by about 40 percent on Oct. 25.      

As of now, very little is known about the so-called "China Coin" that has been adding more grease to the rumor mill for months. However, it is evident that the communist state is vying to become a standard-setting global superpower (for better or worse).    

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Bitcoin is still aiming for $100,000

When asked about his recent six-figure prediction, Keiser opined that Bitcoin could go ten million against the dollar. 

"I think it's just a matter of timing. So, that forecast is still $100,000+. But let's be honest - in dollar terms, it's infinity. It could go to five million or ten million against the dollar."

He further mentioned that gold is currently making new all-time highs against a bevy of fiat currencies, but this fact somehow remains overlooked. 

Binance CEO Chanpeng Zhao recently predicted that the BTC price could touch $16,000 "soon-ish" while strengthening the China narrative.     

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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