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Near $3 billion gold scam sparks BTC versus precious-metals debate

Near $3 billion gold scam sparks BTC versus precious-metals debate
  • The debate of bitcoin versus gold has been an age-old argument which doesn’t seem to want to end. 
  • Many people from the crypto space or outside of it argue for or against bitcoin either being better or worse than the precious-metal.

The debate of bitcoin versus gold has been an age-old argument which doesn’t seem to want to end. Many people from the crypto space or outside of it argue for or against bitcoin either being better or worse than the precious-metal. The debate sparked up again at the end of June as reports showed that fake bars fuelled a corruption scheme just shy of $3 billion.

Reported on the 29th of June by the Chinese media outlet Caixin, a loans deal between Chinese financial institutions and the Wuhan Kingold Jewelry collapsed when it became known that the gold was a gilded copper.

According to the report, at least some of the gold bars that were involved were just simply copper. As a result of this, the lenders were seriously out of pocket.

“That has left lenders holding the bag for the remaining 16 billion yuan of loans outstanding against the bogus bars.”

When it comes to bitcoin, the authentication of gold and its problems create an argument against investing or holding the precious-metal. According to a survey by the well-known crypto analyst Mati Greenspan, it was revealed that bitcoin was by far the most popular choice for investment.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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