Home » Economy » Peter Schiff accuses Bukele of “squandering” Salvadorans’ money by betting on bitcoin and the president responds

Peter Schiff accuses Bukele of “squandering” Salvadorans’ money by betting on bitcoin and the president responds

Published:

5 dic 2021 10:51 GMT

The economist predicted numerous falls in the virtual currency, after El Salvador bought another 150 bitcoins in the midst of a crypto market crash.

Economist and stockbroker Peter Schiff, known for his pro-gold prognosis and skepticism regarding cryptocurrencies, criticized El Salvador’s president, Nayib Bukele, on Saturday for allocating the country’s money to another major purchase of bitcoins.

There are a ton of new falls coming up. How much taxpayer money do you intend to squander?“Schiff asked him via Twitter.

“None. We are already green since our last purchase, in less than 24 hours “, answered President.

“You know ‘boomer’, we have 44,106 ounces of gold in our reserves. They are worth 79 million dollars, 0.37% less than a year ago. If we had sold it a year ago and bought bitcoin, it would now be worth 204 million dollars”, concluded.

Moments before, Bukele tweeted that El Salvador bought another 150 units of the virtual currency, taking advantage of the sharp drop in its value, at an average price of $ 48,670. And he added that he missed the “fucking bottom” of the downtrend by just 7 minutes.

This Saturday, the price of bitcoin and the main digital currencies fell dramatically in a matter of hours, reports the Coindesk portal.

The price of bitcoin dropped to $ 42,019 for the first time since September, when the impressive ‘rally’ began that raised its price to new all-time highs. The bitcoin situation led to a broader drop in the cryptocurrency markets. Ethereum contracted more than 14%, Solana, Cardano and XPR lost more than 18%, while other assets fell more than 20%.

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