According to Max Keiser, a financial commentator, China’s cryptocurrency DCEP will be backed by gold and not the US dollar. He also noted that gold is currently making new significant highs against flat currencies. This will be a serious threat to the US Dollar. Recent reports show that China has bought over a hundred tons of gold. The United States may fall through this trap door set by the communist state.
“China will be rolling out a cryptocurrency that will be backed by gold. Currently, China has 20,000 tons of gold and will not in any way rely on the US dollar to support its crypto coin,”
Max said during his appearance on Kitco recently.
The People’s Bank of China will be the pioneer central bank to roll out its own digital currency the “DCEP” according to a report issued by U.Today. The People Bank of China has been working on this project for over 6 years. President Xi Jinping’s endorsement of the Blockchain Technology which supports the Bitcoin is what unleashed China’s interest in digital currency, cryptocurrency to be precise. Xi Jinping’s words on October 25 in favor of crypto coins are what drove the Bitcoin price to increase by 40%.
Max Keiser believes that Bitcoin might trade at ten million against the US Dollar.
“The forecast is still at $100,000+ and it is just a matter of time. But honestly, in terms of dollars, the number runs to infinity. The BTC might trade at 5,000,000 or 10,000,000 against the US Dollar.”
Changpeng Zhao, Binance CEO, has predicted the change of the China narrative since the price of a Bitcoin is expected to hit $16,000 soon enough. This will significantly boost China’s economy promoting the communist state to become a global superpower.
Currently, not much about the “China Coin” is known although it has been rumored about for a couple of months now. It is beyond reasonable doubt that China is aiming at becoming a superpower at all costs.
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