Bitcoin Will Suffer If ‘China Coin’ Gets Backed by Gold – Peter Schiff Responds to Max Keiser

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As reported by U.Today on November 1, the Bitcoin bull and a financial commentator Max Keiser spread the word about the widely discussed ‘China Coin’ which is reportedly to be called ‘DCEP’ (digital currency electronic payments).

In a recent interview, Keiser stated that DCEP would be backed by gold and this would be a massive blow against the USD.

Peter Schiff, the Bitcoin critic, responds

Following that announcement of the Bitcoin bull, the CEO of Euro Pacific Capital, Peter Schiff, known to be a Bitcoin critic, said that if Keiser is right and China is on track to unleash crypto pegged to the world’s most precious metal, it will be bullish for gold and bearish for Bitcon.

As per a recent Bloomberg article, since December this year, China has bought 100 tons of gold.

Binance is determined to open a Beijin office

The recent statement of President Xi Jinping has already started to change China’s official attitude towards blockchain and crypto. A few days ago,…

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