News & Social Media Writers Needed - CLICK HERE.

Gerald Celente - Now Playing:

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

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

Kitco NEWS - 2017-09-26

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. Don't forget to sign up for Kitco News' Weekly Roundup - comes out every Friday to recap the hottest stories & videos of the week: connect.kitco.com/subscription/newsletter.html Join the conversation @ The Kitco Forums and be part of the premier online community for precious metals investors: gold-forum.kitco.com/ -- Or join the conversation on social media: @KitcoNewsNOW on Twitter: twitter.com/kitconewsnow --- Kitco News on Facebook: facebook.com/kitconews --- Kitco News on Google+: google.com/+kitco --- Kitco News on StockTwits: stocktwits.com/kitconews