Nayib Bukele, the president of El Salvador, revealed the gold reserves of his country in a Twitter conversation with the renowned American stock broker Peter Schiff . On December 5, he revealed that El Salvador had 44,106 oz. of gold in its reserves that has lost value over the past one year. The total gold reserves worth $79 million lost 0.37 percent value in a year. Bukele further said that if he had sold this gold a year ago and purchased Bitcoin for the same, it would have been worth $204 million.
In an earlier tweet on December 4, Bukele had expressed joy over buying 150 coins, in a Bitcoin dip at $48,670. To this, Peter Schiff had replied disapprovingly that the Salvadoran president should not waste taxpayers’ money by buying dips as many more dips are going to come. To this Bukele responded saying ‘None’ and explained that the country has already been safeguarded by buying the dip on December 4. He said El Salvador is in a green state after its last Bitcoin purchase. Peter Schiff is popularly known as the gold bug. Gold bug is a term in usage since the 1870s, for those who favour basing the US monetary system on gold to the exclusion of silver.
The recent purchase of the Bitcoin dip has made El Salvador owner of 1370 bitcoins altogether. According to Bitcoin.com. Bukele bought the bitcoins just 7 minutes before the value of the cryptocurrency hit the lowest. The Bitcoin price slid by 14 percent on December 3 at 11:42 pm, from a little over $52,000 to $45,000. At 12:15 am, on December 4 Bukele bought the dip of 150 coins and tweeted about it.
Like Bukele, Microstrategy CEO Michael Saylor reposed his belief in buying Bitcoin instead of gold and had tweeted on September 5, that choosing gold over bitcoin in 2020, would have been a multi-billion dollar mistake. Microstrategy bought 7,002 bitcoins at the end of November, increasing its bitcoin reserves to 121,044 coins.
(For the latest crypto news and investment tips, follow our and for live cryptocurrency price updates,
