The launch by China of a gold counterpart of the gold-backed yuan would put Bitcoin (BTC) in a disadvantaged position: to support it is the gold bug Peter Schiff.
In a November 2 tweet, Schiff, known for his cynicism towards Bitcoin, attempted to thwart criticism of his position advanced by Max Keizer.
Schiff to Keizer: the anchor to gold beats BTC
"According to @maxkeiser I am an idiot because I think gold is better money than #Bitcoin", he wrote.
As usual, Schiff also reiterated that Bitcoin has no intrinsic value:
"He also argues that China is about to launch a gold-backed cryptocurrency. This is a bullish development for gold and bearish for Bitcoin. A gold-backed cryptocurrency is much better than a backed by nothing!"
Keizer did not respond publicly, also because he was not very active on social media throughout the month of October.
An official alludes to the role of gold
As reported by Cointelegraph, China seems increasingly interested in issuing a digital currency in the wake of Libra, the Facebook token.
It is not yet clear on what it is based on, but in the past month a former Congress official has hinted that it could be anchored in the country's gold reserves.
Meanwhile, President Xi's approval of blockchain technology has had an immediate positive impact on Bitcoin markets. However, the local media readily dampened the enthusiasm, warning citizens not to consider government support as a change of position on the cryptocurrency issue.
Beijing has in fact banned cryptocurrency trading in September 2017, and since then the situation has not changed, although it appears that many investors are resorting to different access ramps – one of which is the stablecoin Tether – to be able to participate in the markets.
Source link
https://it.cointelegraph.com/news/peter-schiff-chinas-gold-backed-crypto-would-be-bearish-for-bitcoin
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