China's Cryptocurrency Will Be Backed by Gold
According to financial commentator Max Keiser, the US is in danger of falling through a "trap door" that is set by China, whose gold-buying spree recently surpassed 100 tons. In such a metaphoric way, Keiser dropped a bombshell that China's much-talked-about cryptocurrency is going to be pegged to gold during his most recent appearance on Kitco.
“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.”