The launch of gold-backed crypto by the ‘red dragon’ is pulling Bitcoin down, as analyzed by Peter Schiff, a veteran gold bug. Schiff had always been emphasizing gold to prove Bitcoins inferior, while many of his predictions become a hoax, some also come up with some concrete reality. Recently he gave the statement stating that bitcoin as “backed by nothing”

‘’China is about to launch a crypto currency backed by gold.This is bullish for gold and bearish for bitcoin. A cryptobacked gold is much better than one backed by nothing’’

According to @maxkeiser I'm an idiot because I think #gold is better money than #Bitcoin. He also claims China is about to launch a crypto currency backed by gold. This is bullish for gold and bearish for Bitcoin. A crypto backed by gold is much better than one backed by nothing! — Peter Schiff (@PeterSchiff) November 1, 2019

Recently he had shared ‘China’s most recent gold buying spree tops 100 tons @schiffgold’ article to show the gold superiority to outshine the bitcoin, his attempts, for now, had always seemed futile.

China is already preparing hard to give a solid response to the facebook backed Libra, it has already come up with many new technologies. Moreover making the Chinese laws less severe than before has witnessed its moving focus to the crypto world. Xi Jinping’s statement about ‘blockchain development’ simply added some more fuel to the flame. So coming up with an occupying cryptocurrency is all that China is focusing upon.

Peter’s statement has again seemed to be an irony in the practical world as China’s moving focus to the blockchain technology and the crypto market had actually resulted in a sudden and unexpected hike in the BTC value. The Chinese President Xi’s statement had been a prominent contributor to boost up the bitcoin price.

Schiff’s golden statement about the BTC downfall has no concrete evidence, for now, on the contrary, every step that China is taking towards the advancement of the digital currency is actually creating a positive impact on the bitcoin price.

A large economy like China which had always been very rigid with the cryptocurrencies is now turning towards it and this has become a sole factor towards the escalation of Bitcoin value.

Peter Schiff’s strong claims about the bearish trend in the bitcoin due to China’s gold-backed crypto is yet to collect some pragmatic examples and data to sound more factual, for now, it is nothing more than an individual’s aspiration.