Nayib Bukele, President of El Salvador, revealed that 44,106 Oz. Some of its gold reserves have lost value over the past one year. Peter Schiff, a gold bug from Peter Schiff said that El Salvador’s gold would have been worth $125 Million more if it had bought bitcoin and sold its gold.
Bitcoin vs. Gold: El Salvador Could’ve Made Millions More Switching Reserves From Gold to Bitcoin
El Salvador’s president Nayib Bukele has revealed some details of his country’s gold reserves in a conversation on Twitter with gold bug Peter Schiff.
Schiff made comments on El Salvador’s purchase of the dip Saturday morning following Bukele’s announcement that his country had bought 100 bitcoins as bitcoin price fell to $44K from $52K Friday. “There’s a lot more dips coming. How much taxpayer money do you intend to waste?” Schiff asked Bukele.
The Salvadoran president replied, “None.” He emphasized, “We’re already in the green from our last purchase, in less than 24 hours.” Bukele continued:
Boomer! We have 44,106 ounces of gold in reserve. The value of the gold is $79 million. This represents a decrease of 0.37% over a previous year. The value of the bitcoin would be $204 million, if it had been sold a year earlier.
Microstrategy CEO Michael Saylor said a similar thing in September. He revealed: “If I had chosen gold instead of bitcoin last year, it would have been a multi-billion dollar mistake.” His company bought 7,002 more BTC at the end of November, growing its bitcoin holdings to 121,044 coins.
El Salvador legalized bitcoin in September alongside the U.S. dollars. International Monetary Fund warned last week that bitcoin could be used as legal tender. Andrew Bailey (the governor of Bank of England) expressed concern about El Salvador’s decision to make bitcoin its national currency.
What do you think about Bukele’s comment to Peter Schiff about bitcoin vs. gold? Please comment below.
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