Gold vs. Bitcoin: $2.8B Fake Bullion Scam Highlights BTC Benefits
A huge corruption scandal involving Chinese loans backed by fake gold is pressuring its supporters to defend it against unforgeable Bitcoin. The Bitcoin (BTC) versus gold debate rages on this week as reports reveal fake bars fuelled a $2.8 billion corruption scheme. As Chinese media outlet Caixin reported on June 29 via Nikkei, a loans deal between Chinese financial institutions and Wuhan Kingold Jewelry — with gold as collateral — fell apart when it became known the gold was gilded copper. Schiff: Bitcoin holders are “stupid” According to Caixin, “at least some” of the gold bars involved were simply copper, with the loan lenders seriously out of pocket as a result. “That has left lenders holding the bag for the remaining 16 billion yuan of loans outstanding against the bogus bars,” it reported. The saga is just the latest involving fake gold to engulf high-profile entities.
Coin Telegraph - 30th Jun 10:06