Mr Keiser told the Daily Express: “Biden will trash talk Bitcoin and that will seal America’s downfall and fate as a failed empire. In its place, of course, China.” The bitcoin pioneer added: “China wants to, and will succeed, in creating and backing a global cryptocurrency to replace the US dollar.
“Biden will see this and mistakenly push for more Fed fiat money printing ‘stimulus’ that will only make America’s position worse.
“He’ll do this on the advice of the same Democratic advisors that got Obama to bail out Wall Street in 2008 by moving 20 trillion from savers and workers in America to Wall Street banks via zero percent interest rates.”
Beijing has been closely watching the development of bitcoin, but instead of deriding the concept of cryptocurrencies like other governments, they are creating their own, known as the Digital Currency Electronic Payment (DCEP).
This digital version of China’s yuan has the potential to become the dominant global currency.
“They can make DCEP become an international currency.”
The US is the leader of the global financial system.
But Washington is reluctant, or even hostile, to promote a digital currency, whereas China has the motivation to make the change to one.
The current world financial system and all its major instruments have been built by the US.
China yearns to be free of these shackles, that is why they see a digital currency as the way to outmanoeuvre the US dollar and make their own currency dominate.
One way of achieving this is to facilitate the citizens of countries outside of China to use a digital currency controlled by the Chinese state.
Published at Mon, 09 Nov 2020 15:01:00 +0000