According to Keiser Report’s host, Max Keiser, launching a gold-backed cryptocurrency that will devalue the US dollar to “zero” will become China’s big move for the 21′ st century which will serve as a “trap door” on the US.

“[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 said as interviewed by Kitco News.

Bitcoin is a superior form of currency to gold, he added.

Keiser said “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,”

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