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El Salvador’s President Informs Peter Schiff Benefit of Switching Gold Reserves to Bitcoin

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El Salvador’s President Informs Peter Schiff Benefit of Switching Gold Reserves to Bitcoin

< img width=" 1280 "height=" 720" src=" http://investincryptocoins.com/wp-content/uploads/2021/12/j6Jx9U.jpg" class =" story __ img short article __ poster "alt=" El Salvador's President Informs Peter Schiff Benefit of Changing Gold Reserves to Bitcoin "loading= "lazy" > The president of El Salvador, Nayib Bukele, has exposed that his nation holds 44,106 oz. of gold in its reserves that has lost some worth over the past year. He told gold bug Peter Schiff that if El Salvador had offered its gold and bought bitcoin

last year, it would now deserve$ 125 million more. Bitcoin vs. Gold: El Salvador Could’ve Made Millions More Switching Reserves From Gold to Bitcoin

El Salvador’s president Nayib Bukele has exposed some information of his country’s gold reserves in a discussion on Twitter with gold bug Peter Schiff.

Schiff talked about El Salvador purchasing the dip Saturday morning after Bukele announced that his country bought 100 more BTC as the price of bitcoin fell from above $52K Friday night to listed below $44K. “There’s a lot more dips coming. How much taxpayer cash do you intend to squander?” Schiff asked Bukele.

The Salvadoran president replied, “None.” He emphasized, “We’re currently in the green from our last purchase, in less than 24 hours.” Bukele continued:

You understand boomer, we have 44,106 oz of gold in our reserves. Worth $79 million, down 0.37% from a year back. If we had actually sold it a year back and bought bitcoin, it would now be valued at $204 million.

In September, Microstrategy CEO Michael Saylor made a comparable comment. He revealed: “If I had selected gold instead of bitcoin in 2015, it would have been a multi-billion dollar error.” His company purchased 7,002 more BTC at the end of November, growing its bitcoin holdings to 121,044 coins.

El Salvador made bitcoin legal tender along with the U.S. dollar in September. Recently, the International Monetary Fund (IMF) cautioned of utilizing BTC as legal tender. The guv of the Bank of England, Andrew Bailey, likewise voiced concerns about El Salvador making bitcoin a national currency.

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What do you think of Bukele’s comment to Peter Schiff about bitcoin vs. gold? Let us know in the remarks area below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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In Case You Missed It Released at Mon, 06 Dec 2021 03:30:26 +0000

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