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Why China Bitcoin Crackdown Is Good News For Gold – Gerald Celente



Banks will continue to talk down bitcoin because it makes the system obsolete, says longtime trends forecaster Gerald Celente. But Celente has a stern message for the banks, “bitcoin, is not going away anytime soon.” “There is no more ‘In God We Trust,’ people are realizing the fiat money scam so we see bitcoin having a bright future,” Celente said in an interview on Monday. Bitcoin’s price has primarily traded below $4,000 since September 14; still up some 300% since the start of the year. The virtual currency had previously surged over $5,000 on September 2. According to Celente, China is behind the volatility. “China has placed restrictions on bitcoin because the yuan has been growing very rapidly,” Celente said. Adding, “You are going to see a devaluation of the yuan so they can increase exports — and now that people won’t have bitcoin to go into, they may go into gold.

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Written by frances

Lawyer, Believer, Idea Agent, Database Wrangler, Human Casserole. I want to see your peacock.

20 Comments

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  1. Very interesting !!! Cheers for sharing !!! if only it was a longer vid, and didn't feel "slightly rushed"…
    KitKo News is great – ya know, half hour can be an interview, or half hour can be a few different charts, like silver, gold, platinum, bitcoin, litecoin, BCH Trash Cash if you must…you got my attention for 10 mins, but I'll give you 20mins or longer as long as its "informative, educational, or at least something other than shit", as I always say for my vids…and KitKo's vids are much more professional than mine !!! 🙂
    This vid is definitely "informative, educational, something other than shit", as far as I'm concerned – much appreciated !!! 🙂
    Cheers !!! 🙂

  2. I don't see any reason why a bank or brokerage can't help you with your crypto currency. banks will need to change over time to stay relivent

  3. The people in Puerto Rico cannot get access to their electronic money the ones that have silver and gold coins are purchasing supplies it's that simple.

  4. Damn, Celente looks so much older than he did when he first predicted doom and gloom in the markets all those years ago. I remember when he was recommending that people cash in their 401Ks because the sky was falling. Now he is recommending Bitcoin so many years after the trend started. A trends forecaster? I don't think so! If he was a true trends forcaster he would have been recommending Bitcoin in 2013 because the cryptos are the most important trend of the modern era.

  5. haha! gerald celente, trend forcaster! i subscribed all of last year & he completely missed that trend since 2011 when bitcoin was $3 a coin! i love how he counters it by saying '' i don't give financial advise'' by gold… worst trend forcast for the past 2 years..

  6. BC is new. When the market is stable people will 'speculate' in it. If the markets become unstable, people will buy it as a place to park their money (as well as gold). BC will increase in price as govts have no control of it. But the danger is – there is no intrinsic value to it. If it becomes a 'tangible' threat to govts, they will do their best to destroy its value.

  7. "or could it be the biggest bubble ever"

    Nah, the current stock market is the biggest bubble ever that is way overdue in popping. Gold an Silver will always be there and will never go away but it will never be used as a payment system like the dollar, It just wont happen. However, the dollar will be obsolete and what will replace it will be dependent on society. Bitcoin is just looking more and more feasible than anything else.

  8. GC and Marin Katusa seem to both think that BTC has stolen some of golds thunder…I seriously doubt that BTC had any meaningful contribution to the supposedly low price of gold. Physical gold is clunky and a pain in the ass to either transact with (BTC is divisible to 8 places, gold is not divisible without ruining its existing physical form, especially of it is a minted coin or piece of jewelry). Plus BTC is far more convenient to buy/sell than a coin or bar, and its pricing isn't discovered via a fractional reserve system. When the majority of the bugs open their eyes is anyone's guess…but it may take blockchain physical to do so. In the meantime, to reiterate WolfofGDAX's post:

    Print ("Bitcoin > gold")

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