El Salvador’s President Claims: Switching to Bitcoin over Gold Would have been More Profitable
“El Salvador holds a gold reserve of 44,106 oz and if it would have been converted to Bitcoin last year it would have been worth $125 Million more” – Nayib Bukele, President El Salvador.
El Salvador’s President Nayib Bukele said in a conversation on twitter with Peter Schiff also known as the ‘Gold Bug’ that buying Bitcoin over Gold would have been much more profitable for his country.
The statement came after the comment by Peter Schiff on El Salvador’s President’s tweet that he bought 150 BTC more on the dip this Saturday. Peter Schiff commented – “There’s a lot more dips coming. How much taxpayer money do you intend to waste?” Bukele quickly countered with his reply to the tweet as “‘None’, we’re already in the green from our last purchase, in less than 24 hours.” He continued in his tweets further – “You know boomer, we have 44,106 oz of gold in our reserves. Worth $79 million, down 0.37% from a year ago. If we had sold it a year ago and bought Bitcoin, it would now be valued at $204 million.”
Peter Schiff is well known for his hatred against Bitcoin and El Salvador’s reply was befitting on his sarcasm. Various other renowned personalities have similar opinions regarding benefits of Bitcoin over gold as earlier this month, CEO of Microstrategy claimed that if he had not bought Bitcoin last year it would have been a Billion Dollar mistake.
The quick adoption of the Bitcoin by various countries and institutions have resulted in such attacks by the supporters of gold and the traditional financial system.
Disclaimer: The article is meant for the educational purpose only and in no way it should be considered as financial advice. Own research on the topic is advisable.
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