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A $ 2.8 billion counterfeit gold bar fraud highlights the benefits of BTC

June 30, 2020

The Bitcoin (BTC) debate against gold is growing this week, as reports show fake bars resulted in $ 2.8 billion in corruption fraud.

As the Chinese media broadcaster Caixin reported on Nikkei on June 29, A loan agreement between Chinese financial institutions and Wuhan Kingold Jewelery with gold as collateral fell apart when it became known that gold was gold-plated.

Bitcoin holders are “stupid”

According to Caixin, “at least some” of the gold bars involved were simply copper that was produced Lenders seriously out of their pocket as a result.

A $ 2.8 billion counterfeit gold bar fraud highlights the benefits of BTC
A $ 2.8 billion counterfeit gold bar fraud highlights the benefits of BTC

“”This leaves lenders and the stock market with the remaining 16 billion yuan of outstanding loans in exchange for the wrong bars, “he reported.

The saga is just the latest one, which is about fake gold to devour top-class creatures. Before, Cointelegraph reported allegations that major central banks’ gold reserves could also be contaminated with other metals.

For Bitcoin supporters Gold authentication problems are an important argument against investing or owning the precious metal.

A survey Analyst Mati Greenspan revealed this Bitcoin was by far the most popular investment option. 42% of the more than 2,300 respondents chose it, while gold was in second place.

For Peter Schiff, however Finding says more about the thinking of Bitcoin investors than about gold integrity.

“This just shows how delusional # Bitcoin enthusiasts are” commented On twitter.

Given Bitcoin’s distance from its record compared to Dow Jones or # Gold, they still hope it will hit a new record first. Hope is never a good investment strategy. “

Bitcoin against gold one-year chart

Bitcoin graphic versus one year gold. Source: Skew

BTC cannot be faked

Ship’s perspective is nothing new The Bitcoin ups and downs that have become known so far have not convinced his followers to believe his displeasure.

Last week the moderator of RT Max Keizer assured with 100% certainty that Schiff would make a “big purchase” once BTC / USD hit $ 50,000.

in summary the debate over gold against Bitcoin in the face of the Wuhan Kingold scandal, both CEOs of Parallax Digital, Robert Breedlove indicated that the choice would ultimately be obvious to the market.

“#Bitcoin is more divisible, more durable, more portable, more recognizable (including verifiability) and rarer than gold. Bitcoin is also cheaper to protect and less prone to theft, “he wrote.

“I wonder who of them will decide the free market.”