A $2B Gold Fraud Portrays Bitcoin as “Less Vulnerable” Alternative

30-Jun-2020

Bitcoin found itself competing with traditional safe-haven gold all over again as authorities in China uncovered a $2 billion fraud. Kingold, one of the mainland’s most significant gold processing firms, allegedly collateralized 83 tons of fake yellow metal bars to secure 20 billion yuan (~$2.82 billion) worth of loans. Robert Breedlove, chief executive of crypto hedge fund Parallax Digital, used the case to present Bitcoin as a more auditable alternative to gold. Bitcoin is battling […] read more

Yashu Gola