Peter Schiff: China’s Gold Backed Crypto is better than Bitcoin

[S.coastapps]

With the launch of china’s gold-backed cryptocurrency, Peter Schiff a known advocate for precious metals especially gold claims that China’s crypto will pull bitcoin price down. though Peter is a known critic of Bitcoin. Schiff had always stressed to prove bitcoin lower to gold, many of their predictions become a hoax. Recently he gave the statement indicating that Bitcoin as “backed by nothing”

Source: TheCoinRepublic[/b]

[pelana vreo]

~snip~

I do not understand why they compare the price of BTC with gold, although Bitcoin is not supported by gold and they want to prove that gold is superior to Bitcoin, so far the price of BTC is better than 1 gram of gold.
The two cannot be compared because Bitcoin and gold are very different

[masterrex]

With the launch of china’s gold-backed cryptocurrency, Peter Schiff a known advocate for precious metals especially gold claims that China’s crypto will pull bitcoin price down. though Peter is a known critic of Bitcoin. Schiff had always stressed to prove bitcoin lower to gold, many of their predictions become a hoax. Recently he gave the statement indicating that Bitcoin as “backed by nothing”

Source: TheCoinRepublic[/b]

So what can we expect from these person, He's anti Bitcoin advocate, I think that article is a crap, why we still giving time to its prediction when all of it are garbage. Bitcoin is Bitcoin and I think Goldback chinese cryptocurrency is not working the way that Bitcoin's investors needed the most. Bitcoin is a decentralized cryptocurrency while the chinese cryptocurrency was centralized what would you picked the decision is ours. Still Bitcoin no matter what happen.

[Shahinaz]

~snip~

I do not understand why they compare the price of BTC with gold, although Bitcoin is not supported by gold and they want to prove that gold is superior to Bitcoin, so far the price of BTC is better than 1 gram of gold.
The two cannot be compared because Bitcoin and gold are very different

true the existence of gold and bitcoin cannot be compared because the price is also different for the size of my country,
but each country has their own assumptions
maybe the government is anti-bitcoin, so they favor gold as an expensive long-term investment

[LogiC]

That only is his opinion. Im glad what China statement last month and this us a great time and makes the market green at least but their crypto can be compared that easily to bitcoin also surpass iy just like that? Gold backed up is nice but is sound cliche for me. Bitcoin has its own term and unique usage, even its not backed up by anything globally accepted people already knew how good the bitcoin.

[shadowdio]

I don't think bitcoin price will down because of China's gold backed crypto, sounds like FUD to me, this guy want to try down bitcoin price. I don't believe bitcoin will down because of that, I believe that bitcoin will bull for sure.

[Noverteno]

With the launch of china’s gold-backed cryptocurrency, Peter Schiff a known advocate for precious metals especially gold claims that China’s crypto will pull bitcoin price down. though Peter is a known critic of Bitcoin. Schiff had always stressed to prove bitcoin lower to gold, many of their predictions become a hoax. Recently he gave the statement indicating that Bitcoin as “backed by nothing”

Source: TheCoinRepublic[/b]

Do you mean that the national stable coin of the Chinese government of the CBDC will be supported by gold? If so, then it really will become very popular.
  I see that stable coins will be very actively used as a means of payment and this will make significant competition precisely as a means of payment for a decentralized cryptocurrency. To some extent, this will reduce the use of bitcoin, and therefore its popularity will not remain at the current level.

[Alcor]

Well, I agree with the statement that stable coins will become serious competitors to a decentralized cryptocurrency, which is still rather poorly used as a means of payment. Stable coins of states will create serious competition for them, since states will always enjoy a certain authority among citizens. However, this fact is unlikely to affect the decrease in the price of bitcoin.