Why China's Gold Crypto Will Fail. (Reddit Bitcoin)
- China has $40T in debt (IIF figures) q1 2019 (303% of GDP)
- Some in China 'claim' they have 20,000 Tons of gold ( $700 Billion) unverifiable.
Even if it were true it's only 1.3% of debt! It's simply not even enough to back the debt.
Nobody will TRUST china's gold claims and China Communist Party is the least transparent Government on the planet.
It always goes back to trust and right now Governments and Central banks world wide have lost that trust.
When nobody trusts anybody the only solution is bitcoin! It's just that simple.