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Author Topic: Peter Schiff: China’s Gold Backed Crypto is better than Bitcoin  (Read 635 times)

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Offline JoshonwillTopic starter

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With the launch of china’s gold-backed cryptocurrency, Peter Schiff a known advocate for precious metals especially gold claims that China’s crypto will pull bitcoin price down. though Peter is a known critic of Bitcoin. Schiff had always stressed to prove bitcoin lower to gold, many of their predictions become a hoax. Recently he gave the statement indicating that Bitcoin as “backed by nothing”
Source: TheCoinRepublic


Offline Paul88

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Re: Peter Schiff: China’s Gold Backed Crypto is better than Bitcoin
« Reply #1 on: November 22, 2019, 10:46:34 PM »
China is developing a Stablecoin backed by the Yuan.
In order to create a gold-backed cryptocurrency, they should first back the Yuan with gold.
If they don't do it, their own population will use the gold-backed cryptocurrency and leave the national fiat currency (the Yuan).
Clearly this is not what Chinese authorities want.

There are no talks about backing the Yuan with gold.
So far, the idea of a gold-backed Chinese cryptocurrency is only a rumor.


 

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