President Nayib Bukele Engaged In A Twitter Spat With Gold Investor “Peter Schiff”

KEYPOINTS

  • Over the weekend, Nayib Bukele purchased the dip on behalf of El Salvador.
  • He indicated that the country’s gold reserves have been depleted.
  • This year, BTC is still up more than 66 percent, while gold is down.

Over the weekend, El Salvador’s pro-BTC president Nayib Bukele got into it with gold bug Peter Schiff, continuing the ongoing discussion over the merits of investing in bitcoin vs gold.

Because they had already benefitted from the prior deal in less than 24 hours, Bukele responded the next day with “none.”

Bitcoin prices fell to a 9-week low of $46,633 on December 4 before rebounding considerably to trade at $48,592 at the time of publication, according to CoinGecko.

Gold Vs Bitcoin Controversy

The controversy was sparked by reports that El Salvador had bought the currency once more on December 4, increasing the Latin American country’s Bitcoin treasury by 150 BTC, which was worth roughly $7.3 million at the time.

“There [are] a lot more drops coming,” Bitcoin sceptic Peter Schiff responded to the tweet. “How much taxpayer money do you intend to waste?”

Because they had already benefitted from the prior deal in less than 24 hours, Bukele responded the next day with “none.”

Bitcoin prices fell to a 9-week low of $46,633 on December 4 before rebounding considerably to trade at $48,592 at the time of publication, according to CoinGecko.

El Salvador has almost $80 million in gold reserves, according to Nayib Bukele, who went on to alert Schiff and his wider audience of Twitter followers.

He went on to say that it is currently losing money for the year, whereas the same amount of bitcoin would have gained by over 160 percent.

Bukele sent out a tweet adding a befitting reply to the statement.

Not to be outdone, Schiff retorted that Bukele was placing a “big bet” with the money of others.

Bitcoin Slides To Nine-Week Low

Bitcoin is known for its volatility, yet it has outperformed gold in terms of gains this year.

BTC has gained 66.5 percent since the beginning of 2021. Despite a 29 percent retracement from its all-time high last month.

Gold, on the other hand, has dropped 5.7 percent during the same 11-month period, from $1,893/oz to $1,784/oz, where it now trades.

Gold rose steadily during 2019 and the first part of 2020. After that it turned bearish after hitting an all-time high of $2,070/oz on August 6, 2020.

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