NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Malaysian Prime Minister Proposes Gold-Backed Currency, But Why Not Bitcoin?

Rick Delafont
Rick Delafont
1 year ago
3 mins read
gold bitcoin crypto

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The Prime Minister of Malaysia has called for the formation of a new currency backed by gold. Dr Mahathir Mohamad believes that a single sound currency in East Asian would help protect economies from manipulation caused by Forex traders.

Mohamad also spoke about the influence of the US and how it was disadvantageous for the global market to be tied to the currency of a nation state. Such attitudes are spreading around the world and this presents an interesting opportunity for Bitcoin.

Nations Seek Alternatives to the Dollar as a Currency of Settlement, Could Bitcoin Benefit?

According to a report in domestic news publication Free Malaysia Today, the nation’s Prime Minister, Dr Mahathir Mohamad, is in favour of a single currency for the East Asian region. This new currency would be backed by gold and importantly would not be the national currency of any existing country.

He gave his address in Tokyo as part of the of a session at the 25th International Conference on The Future of Asia earlier today. He stated that the currency would be used for settlements between nations:

“We can make settlements using that currency. That currency must relate to the local currency as to the exchange rate, and that is something that can be related to the performance of that country. That way we know how much we owe and how much we have to pay in the special currency of East Asia.”

He went on to state that there is an issue with traders buying and selling foreign currency, which has a detrimental impact on the economies using those currencies:

“Currency trading is not something that is healthy because it is not about the performance of countries but about manipulation.”

He also attacked the US’s dominant position in the world, stating that it was not right for a single nation to be telling others how to do their business. This, according to Mahathir, is only going to create further division:

“You [the US] are not democratic. That is not for any single power to decide. If you want to live in a united world, a stable world, we must resort to sustainability through agreement between all nations that have a stake in that problem.”

The Prime Minister was then asked if the Japanese yen or Chinese yuan might serve the same purpose as the gold-backed digital currency he describes. He responded by stating that the promotion of one national currency over others would result in conflict and, for settlement trade, it was important that new currency was not one of an existing country.

Naturally, the seemingly perpetual gold bug Peter Schiff used the announcement of the Malaysian Prime Minister to shill the virtues of his favourite shiny metal at the expense of Bitcoin:

Attention crypto shoppers: Gold is the future of money, not Bitcoin!https://t.co/jENKDzsXll

— Peter Schiff (@PeterSchiff) May 30, 2019

Unfortunately, it does not appear that anyone was in Mahathir’s audience to ask him of the suitability of Bitcoin for the role of settlement currency. The qualities that make for a sound currency and one that is difficult to manipulate are all represented by Bitcoin – granted, there is price manipulation at present, but only due to the fact that the size of the market is so small relative to every other currency on the planet.

Once the Bitcoin market capitalisation increases to the point that billions of dollars entering or leaving the market no longer moves the price, Bitcoin could well serve as a much more suitable settlement currency for not just East Asian trade but the entire planet than any gold-backed currency ever could.

As we have covered many times previously here at NewsBTC, the only thing that gold really has over Bitcoin is a historical precedent. In just about every other way, Bitcoin performs better. It’s more divisible, easier to store, easier to transact, and is genuinely scarce. There is no telling how much gold there truly is in the universe so to say it is scarce isn’t telling the entire story. By contrast, Bitcoin has 21 million units total. There will never be more. This alone makes it a better store of value than gold and will likely be the reason why nations eventually adopt it as a settlement currency, as argued by Saifedean Ammous in his book, The Bitcoin Standard. Given enough time, it seems likely that nations will come round to this way of thinking, forced by their own peoples’ desire to use a genuinely sound unit of currency in favour of the manipulated bits of paper that currently pass for money.

 

Related Reading: Flipping Gold is “Inevitable” In Digital Age, Would Take Bitcoin Price to $350,000

Featured Image from Shutterstock.
Tweet123Share196ShareSend
Rick Delafont
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

The Silent Bitcoin Accumulation: Public Companies’ Surprising H1 2025 Lead

According to recent data, public companies have raced ahead of Bitcoin spot ETF issuers by snapping up more than twice...

Christian Encila 7 hours ago
buy bitcoin Arthur Hayes

Buy Bitcoin Before Jackson Hole—Or Regret It Forever, Says Arthur Hayes

Arthur Hayes has published a new essay, “Quid Pro Stablecoin,” arguing that the United States’ sudden political enthusiasm for bank-issued...

Jake Simmons 9 hours ago

Ethereum Stagna: I Dati On-Chain Mostrano Accumulo da Parte delle Whale

Ethereum continua a mostrare un movimento di prezzo limitato verso l’alto, nonostante i guadagni registrati la scorsa settimana. Negli ultimi...

clararosati 9 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Ethereum Looks Strong Despite Volatility – $10,000 Price Target Gains Momentum

Ethereum Looks Strong Despite Volatility – $10,000 Price Target Gains Momentum

Sebastian Villafuerte 17 minutes ago
Bitcoin

TD9 Setup On Bitcoin Price Chart Suggests It Could Take 4 Years To Reach $149,000 — Details

Scott Matherson 1 hour ago
Dogecoin price news

Dogecoin’s Quiet Setup Could Detonate Shorty, Says Analyst—Here’s The Target

Jake Simmons 4 hours ago

Premium Sponsors

Press Releases

  • The smartest way to make money in 2025: Invest in cloud...

    6 hours ago
  • 仮想通貨プレセール注目|ビットコイン、2025年第3・第4四半期が最良期と予測

    ...

    6 hours ago
  • Bitcoin vs. Gold: Which Is the Best Investment In 2025?

    6 hours ago
  • Profit of $5,735, senior trader uses Ripple (XRP) to open...

    6 hours ago
  • 仮想通貨おすすめ|SPX6900のように急成長が期待される最新ミームコインプレセール

    ...

    7 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.