share

El Salvador's President Tells Peter Schiff Benefit of Switching Gold Reserves to Bitcoin

El Salvador’s President Tells Peter Schiff Benefit of Switching Gold Reserves to Bitcoin – Finance Bitcoin News

The president of El Salvor, Nayib Bukele, has revealed that his country holds 44,106 oz. of gold in its reserves that has lost some value over the past year. He told gold bug Peter Schiff that if El Salvor h sold its gold and bought bitcoin last year, it would now be worth $125 million more.

Bitcoin vs. Gold: El Salvor Could’ve Me Millions More Switching Reserves From Gold to Bitcoin

El Salvor’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 commented on El Salvor buying the dip Saturday morning after Bukele announced that his country bought 100 more BTC as the price of bitcoin fell from above $52K Friday night to below $44K. “There’s a lot more dips coming. How much taxpayer money do you intend to waste?” Schiff asked Bukele.

The Salvoran president replied, “None.” He emphasized, “We’re alrey in the green from our last purchase, in less than 24 hours.” Bukele continued:

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 h sold it a year ago and bought bitcoin, it would now be valued at $204 million.

In September, Microstrategy CEO Michael Saylor me a similar comment. He revealed: “If I h chosen gold inste 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 Salvor me bitcoin legal tender alongside the U.S. dollar in September. Last week, the International Monetary Fund (IMF) warned of using BTC as legal tender. The governor of the Bank of England, Andrew Bailey, also voiced concerns about El Salvor making bitcoin a national currency.

What do you think about Bukele’s comment to Peter Schiff about bitcoin vs. gold? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting vice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

META
ARTICLE: El Salvor's President Tells Peter Schiff Benefit of Switching Gold Reserves to Bitcoin – Finance Bitcoin News
PUBLISHED: 2021-12-06 03:30:26 
SOURCE: https://news.bitcoin.com/el-salvors-president-tells-peter-schiff-benefit-switching-gold-reserves-to-bitcoin/
  • bitcoinBitcoin (BTC) $ 19,524.18
  • ethereumEthereum (ETH) $ 1,341.38
  • tetherTether (USDT) $ 1.00
  • usd-coinUSD Coin (USDC) $ 1.00
  • bnbBNB (BNB) $ 283.91
  • xrpXRP (XRP) $ 0.488940
  • binance-usdBinance USD (BUSD) $ 1.00
  • cardanoCardano (ADA) $ 0.432069
  • solanaSolana (SOL) $ 33.72
  • dogecoinDogecoin (DOGE) $ 0.060511

GET ALERTS

Latest crypto news straight to your mailbox