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President of El Salvador tells Peter Schiff benefit of switching from gold reserves to Bitcoin


El Salvador President Nayib Bukele has revealed that his country has 44,106 ounces. gold in its reserves which has lost value over the past year. He told Gold Bug Peter Schiff that if El Salvador had sold its gold and bought bitcoin last year, it would now be worth $ 125 million more.

Bitcoin vs. Gold: El Salvador Could Have Made Millions More Switching From Gold to Bitcoin Reserves

El Salvador President Nayib Bukele revealed some details about his country’s gold reserves during a Twitter chat with gold bug Peter Schiff.

Schiff commented that El Salvador bought the drop on Saturday morning after Bukele announced his country bought an additional 100 BTC as the price of bitcoin fell from over $ 52,000 on Friday night to below $ 44,000. “There are a lot more lows to come. How much taxpayer money do you intend to waste? Schiff asked Bukele.

The Salvadoran president replied: “None. “He stressed:” We are already in the green since our last purchase, in less than 24 hours. Bukele continued:

You know boomer, we have 44,106 ounces of gold in our reserves. Valued at $ 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.

In September, Microstrategy CEO Michael Saylor made a similar comment. He revealed: “If I had chosen gold over bitcoin last year, it would have been a multibillion dollar mistake.” His company bought an additional 7,002 BTC in late November, raising its bitcoin holdings. to 121,044 pieces.

El Salvador made bitcoin legal tender alongside the US dollar in September. Last week, the International Monetary Fund (IMF) warned against using BTC as legal tender. Bank of England Governor Andrew Bailey has also raised concerns that El Salvador is making bitcoin a national currency.

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

Image credits: Shutterstock, Pixabay, Wiki Commons

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