coinculture.com
Bitcoin bull and El Salvadoran president, Nayib Bukele, and Binance CEO Changpeng Zhao, have taken aim at renowned cryptocurrency critic Peter Schiff.
#Bitcoin has failed to live up to the hype and those institutions that put a toe in the water last year are not likely to take the plunge. This year most will opt to cut their losses and sell. I doubt @saylor and @nayibbukele have enough dry powder to keep the market propped up.
— Peter Schiff (@PeterSchiff) January 18, 2022
Bukele recalled one of Schiff’s tweets from January of this year, in which he ridiculed BTC and claimed that MicroStrategy CEO Michael Saylor and Bukele might be forced to sell their BTC holdings if the price continued to fall. El Salvador’s President responded by asking about Schiff’s bank.
How’s your bank going?
— Nayib Bukele (@nayibbukele) July 6, 2022
In response to President Bukele’s remark, the Binance CEO shared a meme that he described as “fitting for the purpose.” El Salvador President Nayib Bukele has received criticism including from Schiff, since the country adopted Bitcoin as legal tender last year.
Peter Schiff has been the target of Bitcoin advocates ever since his bank in Puerto Rico was closed. Given Schiff’s reputation in the crypto community as a critic of Bitcoin, many saw this as an opportunity to demonstrate the potential of the cryptocurrency to achieve financial freedom.
Euro Pacific International Bank, founded in Puerto Rico by Peter Schiff, was shut down on July 1 due to its alleged negative capital of $1.3 million by the end of 2020 and the fact that “as a result, the entity is classified as insolvent.”
On July 4, Schiff used a thread on Twitter to explain why the country’s regulators decided to liquidate the bank rather than approve a sale to a highly qualified buyer “despite no evidence of crimes.”
El Salvador purchased nearly $1.5 million in Bitcoin during the current market downturn, raising its total Bitcoin holdings to 2,381.
Binance CEO meets with Senegalese president
In Sénégal 🇸🇳 , meeting HE Mr. President, Central Bank, and Binance Angels. pic.twitter.com/7Bmsd9MoLv
— CZ 🔶 Binance (@cz_binance) July 6, 2022
The Binance CEO has tweeted about a meeting with the Senegalese president and the central bank executives. Binance recently celebrated its fifth anniversary, during which it announced zero-fee trading for 13 BTC spot trading pairs beginning July 8.