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The Silicon Review Asia

Gold backed Chinese cryptocurrency

Gold backed Chinese cryptocurrency

Financial commentator Max Keiser predicts that the US dollar is in perilous waters due to Chinese gold backed Cryptocurrency called DCEP. China has recently been on a gold buying spree that has surpassed 100 tons.  Keiser, in his recent appearance on Kitco reported “China is rolling out a cryptocurrency; a lot of details have not been divulged. I can tell you that the cryptocurrency that China is rolling out will be backed by gold. It is a two pronged announcement. Number one is that China has got 20,000 tonnes of gold and number two is that we’re rolling out a crypto coin backed by gold, and the dollar is toast.”

The People’s Bank of China is the first central bank to roll out its own digital currency and has been working on it for about six years now. Very little is known about the ‘China Coin’ and the news has been on the rumour mill for a while now.

When asked about his prediction, Keiser commented that the Bitcoin could go for ten million against the dollar. “I think it is just a matter of timing. So, the forecast is still $100,000+. But let’s be honest – in dollar terms, its infinity. It could go to five million against the dollar.”

Chengpeng Zhao, CEO of Binance recently forecasted that the Bitcoin price could touch sixteen thousand dollars soon, strengthening the Chinese narrative.

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