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China’s Gold-Backed Cryptocurrency to Destroy the US Dollar in 2020 – Keiser Report

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China is moving fast in the blockchain scene with the aim to become a global supremacy. This by launching a gold-backed cryptocurrency that would bring the dollar value to zero according to Max Keiser, host of Keiser Report.

“China is rolling out a cryptocurrency, a lot of the details have not been divulged. I can tell you that the cryptocurrency that China’s rolling out will be backed by gold. It’s a two-pronged announcement. Number one, China’s got 20,000 tonnes of gold, number two, we’re rolling out a crypto coin backed by gold, and the dollar is toast,” Max Keiser told to Kitco News earlier this month.

Keiser thinks that bitcoin is a better type of money than gold.

“Both fiat money and gold are inferior to bitcoin for one very simple reason, that with a bitcoin transaction, it is also simultaneously the settlement. You don’t have that with fiat, you don’t have that with gold,” he said.

Bitcoin PR Service

Is China a Threat to the U.S. Economy?

There are two parallel universes in the U.S. economy a universe where 99% of the people live and another universe where the other 1%, bankers and the corporate elite live, says RT’s Keiser Report.

“Consumers are spending and life is going on,” whereas on Wall Street one can see “non-stop interventions, quantitative easing is needed, interest rates were cut again this week for the top one percent,” Stacy Herbert says.

“There’s never enough money,” because that 1% “want more and more…”

©  Reuters / Rick Wilking

According to Max Keiser, there is a “trap door” for the U.S. economy. When China announces his gold-backed cryptocurrency which is scheduled in the next 6-9 months it will be a catastrophic event for the US dollar.

Some analysts and people from the finance world are even anticipating China’s digital currency launch in the next 2-3 months.

What are your thoughts on Chinas gold-backed cryptocurrency and the impact this may have on the global economy?

Feel free to post your opinion in the comments below.

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Ethan Hunt

Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past.

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1 Comment

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    WRONG, sorry. Max and Stacy have been calling for “the collapse of the US dollar” for at least a decade now. Has it happened? No, of course not, and it never will.

    In 2013, the “bondpocalypse” was supposed to kill the dollar. And every year since then, the great crash was supposed to happen. There was going to be hyperinflation, now he says there’s deflation and that he’s said that all along.

    What happened to the big “buy silver” campaign? Oh yeah, that didn’t work.

    Max apparently doesn’t understand that the dollar will never fail because even if it loses reserve currency status, billions of people still see it as a safe haven and will continue to exchange their fiat for dollars. Even if a country like China rolls out a gold-backed digital currency (which they won’t – there’s not a shred of evidence for that, Max is making the whole thing up), the Pentagon will find a way to destroy it, either through war or other means. Maybe a proxy war, a cyberattack, unveiling of a quantum computer, releasing a biological weapon, or worse..could be anything.

    It’s sad, I’ve always been such a huge fan of the Keiser Report, still am to some extent. They just lose credibility over time with garbage predictions like this, it’s hard to take them seriously anymore.

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