President Nayib Bukele told long-time Bitcoin critic Peter Schiff BTC was more rewarding than gold. Bukele revealed said if his country converted its 44,000 ounces of gold reserve worth $79M to BTC, it would now be worth $204M.
El Salvador President Nayib Bukele has told the head of Euro Pacific Capital Inc. Bitcoin was a more reliable asset than gold. Bukele, a Bitcoin-enthusiast, faced off in a Twitter chat with the renowned Bitcoin critic over the weekend after the latter criticized the former for buying more Bitcoin during the dip.
El Salvador bought 150 more Bitcoin on Friday night as BTC dipped from $52,000 to below $44,000K. Taking to Twitter, Schiff questioned Bukele on this move, asking: Bukele explained that if El Salvador had sold gold and bought Bitcoin last year, the treasury would have had more than $125 million (~£95 million) in its coffers.
“There’s a lot more dips coming. How much taxpayer money do you intend to waste?”
To this, President Bukele replied:
“None. We’re already in the green from our last purchase, in less than 24 hours.”
Schiff has been experiencing the same losses too
The Salvadoran president went on to explain to Schiff that his country will have to live with millions in losses for failing to convert its gold reserve to Bitcoin a year ago, possibly implying that Schiff has been experiencing the same losses too. Bukele stated:
“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.”
Spencer, Peter Schiff’s son, doesn’t seem to ascribe to the same school of thought as his father. Spencer made a comment that indicates he could be a strong Bitcoin proponent. It’s reported that Spencer went into a Bitcoin buying spree last March and dedicated 100 percent of his portfolio to holding Bitcoin. Unlike his father’s criticism, Spencer encouraged Bukele in his pursuit of the world’s largest digital asset, saying:
“My dad’s reply is your signal to buy more.”
The mistake would have cost him several million dollars
Bukele’s sentiments on the difference in value between Bitcoin and gold aren’t far-fetched after all. MicroStrategy CEO Michael Saylor made similar remarks in September this year. Saylor opined that if he had chosen to invest in gold instead of Bitcoin last year, the mistake would have cost him several million dollars. MicroStrategy bought an extra 7002 Bitcoin at the end of November, increasing its holdings to 121,044 BTC.
In September, El Salvador became the first country to make Bitcoin a legal tender. There has been a barrage of criticisms from the International Monetary Fund (IMF) and several other countries, but Bukele doesn’t seem to be bothered at all.
Tom is a long-serving freelance writer who specializes in the blockchain and cryptocurrency niche. You may even call him a crypto-enthusiast with over 10-years’ experience in content creation, blog writing, and SEO. He is a philosophical figurehead who believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.