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El Salvador’s president says Peter Schiff will benefit from converting gold reserves to bitcoin the news – Bitcoin News

The President of El Salvador, Nayib Bukele, has announced that his country owns 44,106 ounces. Gold in its reserves, which has lost some of its value in the past year. He told gold beetle Peter Schiff that if El Salvador had sold its gold last year and bought bitcoin, it would now be worth $ 125 million more.

Bitcoin vs. Gold: El Salvador could have made millions more by switching its reserves from gold to bitcoin

The President of El Salvador, Nayib Bukele, revealed some details about his country’s gold reserves in a Twitter conversation with the gold beetle Peter Schiff.

Schiff commented that El Salvador bought the dip Saturday morning after Bukele announced that his country had bought 100 more BTC when Bitcoin price fell from over $ 52,000 to below $ 44,000 on Friday evening. “There are a lot more break-ins coming. How much tax money do you want to waste? ”Ship Bukele asked.

The Salvadoran President replied, “None”. He emphasized: “The last time we went shopping, we were in the green, in less than 24 hours.” Bukele continued:

You know, boomers, we have 44,106 ounces of gold in our reserves. Valued at $ 79 million, 0.37% less than last year. If we had sold it and bought Bitcoin a year ago, it would now be worth $ 204 million.

In September, Microstrategy CEO Michael Saylor made a similar statement. He revealed: “If I had chosen gold instead of Bitcoin last year, it would have been a billion-dollar mistake.” His company bought 7,002 more BTC at the end of November and increased its Bitcoin inventory to 121,044 coins.

In September, El Salvador made Bitcoin legal tender alongside the US dollar. Last week the International Monetary Fund (IMF) warned against using BTC as legal tender. Bank of England Governor Andrew Bailey also raised concerns that El Salvador could make Bitcoin a national currency.

What do you think of Bukele’s comment on Peter Schiff on Bitcoin vs. Gold? Let us know in the comment section below.

Kevin Helms

Kevin, a student of Austrian economics, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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