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The President of El Salvador, Nayib Bukele, revealed that his country owns 44,106 ounces. The gold in its reserves has depreciated in the past year. He told the gold bug Peter Schiff that if El Salvador sold gold and bought Bitcoin last year, its value would now increase by $125 million.
Bitcoin and gold: El Salvador could have increased its reserves from gold to Bitcoin by millions of dollars
President Nayib Bukele of El Salvador revealed some details of the country’s gold reserves in a conversation with the gold bug Peter Schiff on Twitter.
Schiff Review El Salvador Buy on dips On Saturday morning, Booker announced that his country had purchased 100 more Bitcoin As the price of Bitcoin fell from over $52,000 on Friday night to under $44,000. “There will be more drops. How much taxpayer money are you going to waste?” Schiff asked Booker.
The President of El Salvador replied: “No.” He emphasized: “We have been in a green state in less than 24 hours since the last purchase.” Booker continued:
You know the baby boomers, we have 44,106 ounces of gold in our reserves. Valued at US$79 million, a year-on-year decrease of 0.37%. If we sold it and bought Bitcoin a year ago, it will now be worth $204 million.
In September, Microstrategy CEO Michael Saylor made a similar comment.He revealed: “If I chose gold over Bitcoin last year, it would be Multi-billion dollar mistake. “His company bought another 7,002 Bitcoin At the end of November, increase its Bitcoin holdings to 121,044 coins.
El Salvador adopted Bitcoin and the U.S. dollar as legal tender in September. Last week, the International Monetary Fund (IMF) warn in use Bitcoin As legal tender. Governor of the Bank of England, Andrew Bailey, Also expressed concerns about El Salvador’s use of Bitcoin as its national currency.
What do you think of Bukele’s comments on Peter Schiff on Bitcoin and Gold? Please let us know in the comments section below.
Image Source: Shutterstock, Pixabay, Wikimedia Commons
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