China launching a digital counterpart
China launching a digital counterpart of the yuan backed by gold puts Bitcoin (BTC) at a disadvantage, veteran gold computer virus Peter Schiff claims. In a tweet on Nov. 2, Schiff, infamous for his cynicism with regards to Bitcoin, tried to counter criticism of his stance by way of Keiser document host, Max Keiser.
Schiff tells Keiser: gold backing beats BTC
“consistent with @maxkeiser i am an idiot due to the fact that I consider #gold is healthier cash than #Bitcoin,” he wrote.
Schiff additionally repeated his oft-quoted suggestion that Bitcoin has no intrinsic value:
“He also claims China is ready to launch a crypto currency backed by way of gold. That is bullish for gold and bearish for Bitcoin. A crypto backed by means of gold is much better than one backed through nothing!”
Keiser did not respond publicly, having saved a markedly low profile on social media for the period of October.
Reputable recommendations at gold role
As Cointelegraph suggested, China appears to be advancing efforts to drawback a digital foreign money within the wake of facebook’s possess token, Libra.
Its backing remains unsure, with an ex-Congress reliable last month suggesting it might come within the form of a peg to China’s gold reserve among other motives.
China’s up to date endorsement of blockchain technological know-how in the meantime perceived to have an instant constructive have an impact on on Bitcoin markets. Nevertheless, regional media subsequently tempered the hype, advising citizens to not take the help as proof of a change of stance related to cryptocurrency.
Beijing outlawed cryptocurrency buying and selling in September 2017, a trouble which officially stays the identical despite rumors that investors are utilising exclusive on-ramps to achieve access.