Hot news from the US Senate here, guys!
🔶During the recent hearing, Treasury Secretary Scott Bessent admitted in response to Senator Cynthia Lummis's question that he would not be surprised if China is using Blockchain to create a counterweight to the US. Specifically, there are many rumors about China developing a type of digital asset backed by Gold instead of the Yuan. $XAU
🔶The strategy of the neighbor is very systematic:
Using Hong Kong as a testing ground for bold financial ideas that do not directly impact the mainland. If this Gold coin scenario becomes a reality, it will be a direct blow to the USD's position as it is immune to sanctions or monetary policy from the U.S.
🔶On the sidelines of the story, Bessent also revealed a very valuable macro information:
Iran's leaders are frantically transferring money abroad, likened to rats leaving a sinking ship. This is often a signal that a huge political instability is about to occur, those of you investing in gold or crypto should pay attention to this flight of capital.
The Clarity Act is also mentioned as an urgent solution to address the tangled mess of capital gains tax for crypto in the U.S.
According to you, if China issues a real Gold coin, will Bitcoin benefit or be in competition?
This article is for reference only, it is not investment advice. Please read carefully and consider thoroughly before making a decision.