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El Salvador President Nayib Bukele defended Bitcoin against longtime critic Peter Schiff, saying it is more rewarding than gold.
On Dec 4th when the Bitcoin market fell, El Salvador President Nayib Bukele announced that his country again bought BTC at dip:
El Salvador just bought the dip! 🇸🇻
150 coins at an average USD price of ~$48,670 🥳#Bitcoin🎄
— Nayib Bukele 🇸🇻 (@nayibbukele) December 4, 2021
In a response to Bukele’s tweet founder of Euro Pacific Asset Management, Bitcoin critic, and strong supporter of gold Peter Shiff – blasted Bukele’s decision by asking, “There are many more lows to come. How much taxpayer money do you intend to waste?”
There's a lot more dips coming. How much taxpayer money do you intend to waste?
— Peter Schiff (@PeterSchiff) December 4, 2021
Nayib Bukele replied to Peter Shiff by saying “None” and informed him that El Salvador has gold reserves valued at nearly $ 80million. He added that his country is a loss by holding gold, while the same amount of Bitcoin would have increased nearly 160% over the same period.
None.
We’re already in the green from our last purchase, in less than 24 hours.
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 had sold it a year ago and bought #Bitcoin, it would now be valued at $204 million. https://t.co/e5z9cVsfjg
— Nayib Bukele 🇸🇻 (@nayibbukele) December 4, 2021
Peter Didn’t stop and said that let’s see how much you will remain in green:
“You’re in the green for now. Let’s see how long it lasts.”
You're in the green for now. Let's see how long it lasts. Plus you're still in the red on the #Bitcoin you bought on last weeks's dip. You are making a huge bet using other people's money. It's not likely to end well for them or you!
— Peter Schiff (@PeterSchiff) December 4, 2021
Peter also heavily criticized Bitcoin supporters for claiming Bitcoin as a better store of value.
Bitcoin pumpers claim that #Bitcoin is a better store of value than #gold because it's price has risen more than gold's price. By that logic #Ethereum is a better store of value than Bitcoin. If Bitcoin is gold 2.0 then Ether is Bitcoin 2.0. Has Ether already disrupted Bitcoin?
— Peter Schiff (@PeterSchiff) December 6, 2021