This news was sent recently to me by one of our supporters... It is interesting enough for me to share with you, let's have a look?
Can Fake Gold Send Bitcoin Higher?
People have been calling Bitcoin "Virtual Gold" for a while now and for a reason... Uncertainty hitting the Gold market can surely affect Bitcoin.
In my view, though such an event can move Bitcoin but not strong enough unless more gold turns out to be not gold. It can maybe produce a shaky/different day than what would normally be expected but not change the trend at all...
Here is a quote from the piece of news:
"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."