China’s New CBDC Will Be Also Backed By Gold: Max Keiser

China’s new CBDC will be backed by gold according to Max Keiser who has been long absent from the crypto space. The bitcoin bull also shared some interesting things about the gold hoards of china so we are reading further in the altcoin news today.

Keiser appeared again on social media and wasted no time in railing the currency market situation. Another $100 billion in temporary liquidity was launched into the financial markets yesterday according to the reports and the FED also bought $7.5 billion in Treasury bills with the total holdings now reaching $4 trillion.

Daniela Cambone, a news anchor, quickly moved the subject to bitcoin versus gold stating that a $10K investment in gold five years ago would have made up to $12,500 today and the same amount invested in Bitcoin would have a yield of $270,000. Keiser continued explaining the signals from the US repo market indicating that a financial catastrophe is coming in China and it and also trap the dollar. He added that China is about to announce that it has amassed about 20,000 tons of gold.

He added that China will also launch a gold-backed cryptocurrency with the intention of destroying the greenback. The bitcoin and gold prices will continue to surge as the dollar collapses to zero. He also admitted that he has was building his position buying gold, silver, and bitcoin. He said that when currencies collapse, people will turn to bitcoin as a safe haven asset:

 “Bitcoin was created in defiance of the global banking establishment … to do battle with the central banks.”

China’s new CBDC will be a superior form of money because Bitcoin is also superior to money than gold since a transaction is also a settlement which is not the case with fiat. During a bitcoin transaction, the transaction is the settlement which makes it better money than gold and fiat. Keiser said that Peter Schiff is completely clueless because he does not understand bitcoin’s built-In settlement layer.

When asked about the BTC forecast, Keiser maintained that Bitcoin will go up to $100K and it could go even higher if the dollar ultimately collapses. Gold has hit new highs as well against the Euro and will continue to grow.