- China To launch a gold-backed digital currency – Max Keiser
- China aims to undercut the US dollar with its gold-backed cryptocurrency
- Keiser predicts Bitcoin price would hit $100k
Cryptocurrency News Today – The war against Bitcoin (BTC) and digital currencies at large seem to be wearing off. When Bitcoin surfaced in the crypto space, it faced many criticisms from governments and individuals alike. However, today, many firms, industries, and even countries are now creating their own digital currencies. It started with digital currency trading platforms, creating their own tokens to run their platforms. Later, social media platforms took the trend, with Facebook announcing the launch of Libra Coin, although the launch of the coin is on hold for now. Even Telegram is on the verge of launching its own. One country that seems to be taking this to the next level is China.
China Would Soon Launch a Digital Currency Backed by Gold – Max Keiser
The host of the Keiser Report on media channel RT – Max Keiser – predicted that China would soon launch a digital currency backed by Gold. He also predicted that the price of Bitcoin (BTC) would hit $100k. Keiser has been a crypto proponent for quite some time and he is a very popular Bitcoin bull in the crypto community. The BTC bull believes that China is planning to launch a digital currency backed by gold in order to weaken the US dollar.
Bitcoin (BTC) Price Today – BTC / USD
In a recent interview with Kitco News on October 31, Keiser said that signals from the US repo market are indicating a financial catastrophe, which could be worsened by the actions of China. According to Keiser, China has gathered about 20,000 tons of gold. He said that the country would announce the launch of a gold-backed digital currency in the near future to further weaken the US dollar.
The Price of Bitcoin and Gold Would Benefit from a Weakening Dollar
Keiser believes that weakening dollar would not be bad for gold and Bitcoin (BTC). He thinks that the price of Bitcoin (BTC) and gold would greatly benefit from a weakening dollar. This is because investors would run to safe-haven assets to avoid the uncertainty of fiat.
Keiser also took aim at Peter Schiff, a Bitcoin critic, saying that Bitcoin was a superior asset to precious metals. In a statement, he said:
“When you carry out a Bitcoin transaction, the transaction is the settlement which makes it better money than gold and fiat, Peter Schiff is completely clueless because he does not understand Bitcoin is built in settlement layer.”
Keiser said that the price of Bitcoin (BTC) would hit a high of $100k as a result of the weakening dollar.