A lot of people have understood that bitcoin is not a digital gold when the falling down stock markets pulled along bitcoin in the March 2020. But to my mind the fact is not a cause for sadness.
Interesting news has come from China. It was discovered that 83 tons of fake gold bars have been used as collateral for loans worth 20 billion yuan from 14 financial institutions to a major gold jewelry manufacturer in Wuhan, China. (Wuhan again… =)
At least some of 83 tons of gold bars used as loan collateral turned out to be nothing but gilded copper. That has left lenders holding the bag for the remaining 16 billion yuan [$2.3 billion] of loans outstanding against the bogus bars.
The 83 tons of purportedly pure gold … would be equivalent to 22% of China’s annual gold production and 4.2% of the state gold reserve as of 2019.
The creator of the fraud and forgery was one of the largest manufacturer of gold jewelry in China, Kingold Jewelry Inc. The credits were taken to $2.3 billion for the last 5 years. The manufacturer used fake gold as a liens on a credits and insurance policies to cover any losses.
Ofcourse a scammers and bandits are everywhere, but gold as the most trusted active was hacked. So we should be happy that bitcoin is not a gold.
Central banks from all over the world will make a revision of his gold reserves. I’m sure many amazing discoveries are waiting for them especially if revision of the US Fed will be.
