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President Bukele attacks Peter Schiff after Bitcoin purchase

  • Nayib Bukele attacked Peter Schiff on Twitter after he criticized the country's recent purchase of 150 Bitcoin
  • The president of El Salvador attacked the well-known gold bug over the performance of gold
  • El Salvador bought 150 Bitcoin at an average USD price of ~$48,670

El Salvador’s President Nayib Bukele attacked Peter Schiff on Twitter after he criticized the country’s recent purchase of 150 Bitcoin.

Peter Schiff not happy with El Salvador buying Bitcoin

Famed Bitcoin critic Peter Schiff responded to the announcement that El Salvador was “buying the dip” tweeting “There’s a lot more dips coming. How much taxpayer money do you intend to waste?” That statement must have triggered President Bukele because he responded by saying they were already profiting from their recent purchase. He also attacked the known gold bug by saying, “You know, boomer, we have 44,106 oz of gold in our reserves Worth $79 million, down 0.37% from a year ago.”

The president pointed out that if they had invested their $79 million worth of gold in Bitcoin a year ago, it would have been worth $200 million. That did not seem to bother Schiff, as he pointed out that they are still in the red with their Bitcoin purchase from last week. He ended his response by saying, “You are making a huge bet using other people’s money. It’s not likely to end well for them or you!”

El Salvador bought the dip

When the value of Bitcoin fell more than 20 percent on Saturday, the country’s president, Nayib Bukele announced that El Salvador bought the dip. The country bought 150 Bitcoin at an average price of ~$48,670.  The country currently owns 1,370 Bitcoins and has taken advantage of bitcoin’s price dips several times. On November 26, Bukele announced that his country had purchased 100 more BTC. At the time the cryptocurrency’s price fell following reports of a new Covid-19 variant, now known as Omicron.

Not only has El Salvador bought Bitcoin, but Bitcoin was declared legal tender alongside the U.S. dollar in El Salvador in September. Last week, the International Monetary Fund (IMF) warned the country against using Bitcoin as legal tender. Bank of England Governor Andrew Bailey also warned he was concerned about El Salvador making Bitcoin a national currency. Bukele responded to the head of Britain’s central bank by saying, “I’m really concerned about Bank of England printing money out of thin air.”

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About Author

Stan Colenbrander

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Stan is the head of news and podcast host at Cryptonary. He was formerly a member of the Cryptonary Pro community. In early 2021, he decided to drop out of journalism school at university to pursue journalism in real life and make an impact in the crypto space. . His areas of interest include the NFT industry, decentralised finance, and blockchain startups.

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