Peter Schiff Says He Intends To Launch Gold-Backed Stablecoins, Deems Dollar As A ‘Flawed’ Fiat Currency

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Financial commentator Peter Chef He expressed his intention to launch gold -backed Stablecoin on Thursday, and questioned the value of those supported by US dollars.

What happened: Chef responded to a comment on X that he should launch gold -backed Stablecooin.

Chef replied, “It was already present. But I intend to launch my country.” Soon many users are close to this post, with some of the names they propose to the initiative, such as Schiffcoin, While others called it a “good idea”.

It was not immediately clear whether Schiff made a joke or a truly interested in connecting the cryptocurrency to the assets he supports with enthusiasm. Benzinga communicate with the entities connected to a chef, such as Schiffgold, to collect additional information. The article will be updated when they respond.

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The conversation started in his original position, as the dollar called a “defective” currency and instead there was a distinctive gold -backed symbol.

“Get Bitcoin, but not the US dollar stablecoins. If you are going to present a third -party guard, then why do you settle on a backed by a defective Fiat currency like the dollar, when you can have one gold backed?” , He said.

There is a gold -backed stablecoins, with Gold rope (Crypto: xut) and Pax Gold (Crypto: Paxg) among the most famous. Year to date, coins have gained more than 28 %, which corresponds to the gains in the yellow metal.

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Why do it matter: Chef’s views about Stablecoins were clear for some time. He has expressed doubts about the capabilities of Stablecoins to maintain the dominance of the US dollar, indicating that its primary use will be in the trading of encrypted currency.

The discussion was picked up on Stablecoins momentum, especially after the Senicoin Bill has passed. president Donald Trump He praised the move and urged congress to obtain it on his office without delay.

Interestingly, the chef created a personal “strategic bitcoin reserve”, and promised not to sell any of them, in a move seen as a mockery of a similar announcement by the president Donald Trump.

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This article, Peter Chef, says that it intends to launch the gold -backed Stablecoins, and sees that the dollar is “defective” originally on Benzinga.com