China's big move for the 21st century is to pull a "trap door" on the U.S. by launching a gold-backed crypto currency that will devalue the U.S. dollar to "zero," this according to Max Keiser, host of the 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," Keiser told Kitco News.
Keiser added that bitcoin is a superior form of currency to 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.
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This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.