El Salvador, which continues to buy BTC by taking advantage of the sharp drop in Bitcoin today, is appreciated by some, while others argue that the decision is wrong.
One of those who argued that Bitcoin purchases were wrong was anti-Bitcoin Peter Schiff.
Defending gold against Bitcoin, Schiff criticized Bukele by commenting, “We will see more bottoms, how much more money do you think you will waste” under the tweet of El Salvador President Nayib Bukele, where he announced that they bought BTC.
The president of El Salvador, who was not slow to respond to the comment of Peter Schiff, who is a deep gold supporter, used the following expressions in his post:
“We have 44,106 ounces of gold worth $79 million in our reserves, but if we had sold this gold a year ago and bought Bitcoin, it would now be worth $204 million.”
With this answer, Nayib Bukele stated that it is profitable to buy BTC, even if Bitcoin has fallen, and signaled that they will continue to buy Bitcoin.
Schiff in reply to Nayib Bukele “You’re in the snow for now, let’s see how long this situation will last? You are at a loss in the Bitcoin you bought last week. You make a big bet using other people’s money. It’s not likely to end well for them or you.” said.
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 bottom. 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
*Not investment advice.