Bitcoin is Solid Gold, According to El Salvador President
Rodrigo Sura / EPA
Peter Schiff, the CEO of Euro Pacific Capital and well-known financial commentator and radio personality, is not a fan of Bitcoin, as he widely shares in interviews and articles. Nayib Bukele, El Salvador’s President disagrees. He recently told Schiff that his country lost big when it failed to convert its gold reserves to bitcoin.
In the Twitter conversation, President Bukele told Schiff, “You know, boomer, we have 44,106 ounces 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.”
The back-and-forth tweets were prompted by gold bug Schiff’s criticism of El Salvador buying the dip to purchase additional bitcoin just seven minutes before its price recently bottomed out. Schiff inquired, “How much taxpayer money do you intend to waste?”
President Bukele was quick to respond with an emphatic “none,” noting that the country was “already in the green from our last purchase, in less than 24 hours.”
In addition to the U.S. dollar, El Salvador made bitcoin legal tender just three months ago, although the International Money Fund warned of this practice a week ago, along with other critics. However, fellow crypto fans have shared similar stories, noting that bitcoin has been worth its weight in gold and then some over the past year.
According to Bukele’s calculations, the country would be $125 million richer if it had converted its gold reserves to bitcoin one year ago.