Peter Schiff to Max Keiser: Bullish for Gold, Bearish for Bitcoin if China Launches Gold-Backed Crypto
A gold bug veteran Peter Schiff claims that if China decides to launch a digital coin it would not be good for bitcoin. Schiff is well known for his notorious negativity regarding anything bitcoin.
Peter Schiff tells Keiser that Gold betas bitcoin
Schiff thought that the reporter Keiser referred to him as an idiot since Schiff thought gold is a better currency than bitcoin.
He also repeated his usual remark on bitcoin showing that bitcoin lacks intrinsic value. His usual remarks that Keiser has claims that China will launch a cryptocurrency backed by gold. In his statement, Schiff thinks that if that happens, it would be bullish for gold and bearish for bitcoin. Schiff also adds that a crypto backed is better than the one backed by nothing.
Keiser, however, has not responded publicly to Schiff's remarks rarely seen on social media sites lately.
Hints on gold role
Cointelegraph has reported that China is making efforts to create the DCEP currency in the rise of Facebook's token known as Lira.
This backing is rocky with an ex-congress official saying that DCEP would dip into the country's gold reserve, along with other factors. However, the endorsement of China's blockchain technology had a positive effect on blockchain markets. This endorsement did not matter since local media has advised citizens not to count on the support as a proof regarding blockchain.
Beijing, on the other hand, outlawed blockchain activities in 2017 despite the rumors that there are some investors using different platforms to gain access.