Chinas Gold-Backed Crypto Would Be Bearish For Bitcoin

China launching a digital counterpart of the yuan backed by gold places Bitcoin (BTC) at a drawback, veteran gold bug Peter Schiff claims. In a tweet on Nov. 2, Schiff, infamous for his cynicism on the subject of Bitcoin, tried to counter criticism of his position by Keiser report host, Max Keiser.

Schiff tells Keiser: gold backing beatniks BTC

“According to @maxkeiser I’m an retard because I think #gold is better money than #Bitcoin,” he wrote.

Schiff additionally continual his oft-quoted conception that Bitcoin has no intrinsic worth:

“He also claims China is about to launch a crypto currency backed by gold. This is optimistic for gold and discouraged for Bitcoin. A crypto backed by gold is much better than one backed by nothing!”

Keiser didn’t reply publicly, having saved a markedly low visibility on social media all through October.

Official hints at gold position

As Cointelegraph reported, China seems to be advancing efforts to concern a digital forex inside the wake of Facebook’s personal token, Libra.

Its backing corset unsure, with an ex-Congress official final calendar month suggesting it will come inside the type of a peg to China’s gold reserve amongst different components.

China’s latest endorsement of blockchain know-how meantime appeared to have an instant constructive affect on Bitcoin markets. Nonetheless, native media later on tempered the hype, advising residents to not take the help as proof of a change of position relating to cryptocurrency.

Beijing unlawful cryptocurrency buying and merchandising in September 2019, a situation which formally corset the identical regardless of rumors that traders are utilizing all different on-ramps to realize entry.

Chinas Gold-Backed Crypto Would Be Bearish For Bitcoin

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