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Nayib Bukele - El Salvador's President discloses the downfall in value of 44,106 oz. of gold in its country's reserves in 2020. He addressed gold bug Peter Schiff, "Provided El Salvador would have sold its gold and purchased bitcoin last year, $125 million would be its worth at present."
Bitcoin vs Gold : El Salvador would have Earned Millions Extra
During a conversation with gold bug Peter Schiff over Twitter; the president of El Salvador Nayib Bukele has informed a few facts of his country's gold reserves.
Schiff talked about El Salvador purchasing the dip Saturday morning just as Bukele announced, "On Friday, our country buys in 100 more BTC when bitcoin's price fell from $52K to $44K." Schiff questioned Bukele, "There's a greater extent of sink yet to come. How much taxpayer money do you intend to waste?"
The Salvadoran President answered Schiff's question by saying, "None! As of now, we are into the green from our last purchase in under 24 hours."
Bukele extended the reply saying, "Our reserves have 44,106 oz of gold. Worth $79 million, down 0.37% from a year ago. If we had sold it in 2020 and bought bitcoin, its value now would be worth $204 million."
Legal Tender Next to US Dollar
Michael Saylor – Microstrategy's CEO commented similarly. In September 2021 he disclosed, "If I had opted for gold instead of bitcoin last year, I would have committed a blunder of losing a multi-billion dollar." Michael's company purchased 7,002 more BTC at the end of November, boosting its bitcoin holdings to 121,044 coins.
In September, El Salvador established bitcoin as a legal tender next to the U.S. dollar. 7 days back, the International Monetary Fund (IMF) put forth a warning of using BTC as legal tender. The Bank of England & Andrew Bailey's governor was concerned about El Salvador making bitcoin a national currency.