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 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 additionally repeated his oft-quoted concept that Bitcoin has no intrinsic worth:
“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 didn’t reply publicly, having saved a markedly low profile 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 within the wake of Facebook’s personal token, Libra.
Its backing stays unsure, with an ex-Congress official final month suggesting it will come within the type of a peg to China’s gold reserve amongst different components.
China’s latest endorsement of blockchain know-how in the meantime appeared to have an instantaneous constructive affect on Bitcoin markets. Nonetheless, native media subsequently tempered the hype, advising residents to not take the help as proof of a change of stance relating to cryptocurrency.
Beijing outlawed cryptocurrency buying and selling in September 2019, a state of affairs which formally stays the identical regardless of rumors that traders are utilizing totally different on-ramps to realize entry.
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