RATE Group | China’s Gold-Backed Crypto Would Be Bearish for Bitcoin
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China’s Gold-Backed Crypto Would Be Bearish for Bitcoin

05 Nov China’s Gold-Backed Crypto Would Be Bearish for Bitcoin

Posted at 15:40h in Bitcoin News by

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China launching a digital counterpart of the yuan backed by gold puts Bitcoin (BTC) at a disadvantage, veteran gold bug Peter Schiff claims. In a tweet on Nov. 2, Schiff, notorious for his cynicism when it comes to Bitcoin, attempted to counter criticism of his stance by Keiser report host, Max Keiser. 

Schiff tells Keiser: gold backing beats BTC

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

Schiff also repeated his oft-quoted idea that Bitcoin has no intrinsic value: 

“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!”

Keiser did not respond publicly, having kept a markedly low profile on social media throughout October.

Official hints at gold role

As Cointelegraph reported, China appears to be advancing efforts to issue a digital currency in the wake of Facebook’s own token,…

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