China’s big move for the 21st century is to pull a “trap door” on the U.S. by launching a gold-backed crypto currency that will devalue the U.S. dollar to “zero,” this according to Max Keiser, host of the 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,” Keiser told Kitco News.

Keiser added that bitcoin is a superior form of currency to 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. (show less)

China’s big move for the 21st century is to pull a “trap door” on the U.S. by launching a gold-backed crypto currency that will devalue the U.S. dollar to “zero,” this according to Max Keiser, host of the 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 ... (read more)