This post was most recently updated on December 2nd, 2019

China is moving fast in the blockchain scene with the aim to become a global supremacy. This by launching a gold-backed cryptocurrency that would bring the dollar value to zero according to Max Keiser, host of 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,” Max Keiser told to Kitco News earlier this month.

Keiser thinks that bitcoin is a better type of money than 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.

Is China a Threat to the U.S. Economy?

There are two parallel universes in the U.S. economy a universe where 99% of the people live and another universe where the other 1%, bankers and the corporate elite live, says RT’s Keiser Report.

“Consumers are spending and life is going on,” whereas on Wall Street one can see “non-stop interventions, quantitative easing is needed, interest rates were cut again this week for the top one percent,” Stacy Herbert says.

“There’s never enough money,” because that 1% “want more and more…”

© Reuters / Rick Wilking

According to Max Keiser, there is a “trap door” for the U.S. economy. When China announces his gold-backed cryptocurrency which is scheduled in the next 6-9 months it will be a catastrophic event for the US dollar.

Some analysts and people from the finance world are even anticipating China’s digital currency launch in the next 2-3 months.

What are your thoughts on Chinas gold-backed cryptocurrency and the impact this may have on the global economy?

Feel free to post your opinion in the comments below.