Russia & China Are Buying Gold Not Bitcoin

Russia and China Are Buying Gold, Not Bitcoin –Analyst/UToday
“Chris Mancini, the analyst of Gabelli Gold Funds, hasn’t changed his stance on Bitcoin. In his latest interview with Kitco, he claims that gold, not its digital competitor, will be used as a hedge currency in case of a potential economic crisis. ‘The Russian government, the Chinese government are buying gold. They are not buying Bitcoin. That’s the ultimate play. That the ultimate currency. That’s what the governments are going to tie their currencies to if and when something really bad happens.’ During his previous appearance on Kitco in June, Mancini called the top cryptocurrency ‘corrupted.’ He particularly lambasted BTC’s controversial forks (Bitcoin Cash and Bitcoin SV) that are allegedly the source of this corruption). Meanwhile, he called gold ‘the creation of God,’ which drew the ire of many cryptocurrency proponents on social media….The Bitcoin vs. gold debate has reignited in 2019 in the light of Grayscale’s ‘Drop Gold’ campaign…While gold is outdated, its digital version is too volatile to become a viable replacement. Peter Schiff of Euro Pacific Capital recently predicted that the price of Bitcoin could soon drop below the $2,000 level due to a bearish chart formation.”

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