A Return to Sound Money is the Major Threat to Bitcoin, Says Peter Schiff | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
During his most recent appearance on Kitco, Max Keiser suggested that if the Chinese national cryptocurrency should be backed by gold, then this would be a massive blow against the USD and very bullish for Bitcoin. The well-known gold supporter Peter Schiff on the contrary claims that if this were to happen, Bitcoin would be in real danger.
Bitcoin is a Superior Currency
A lot of the details regarding China’s cryptocurrency have not been divulged yet, but according to well-known Bitcoin investor Max Keiser, the cryptocurrency that China’s rolling out will be backed by gold. His deduction comes mainly from the fact that China has added more than 100 tons of gold to its reserves since it resumed buying in December 2018, a rather strange event considering that every economy is based on fiat currencies.
[Image Source: Bloomberg]
Keiser added that this scenario is terribly dangerous for the U.S. dollar and could undermine its supremacy as the reference currency. Things are inverse for Bitcoin instead because, according to Keiser, Bitcoin would represent a superior form of currency to gold and the dollar.
“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,”
Peter Schiff Disagrees
The CEO of Euro Pacific Capital,