El Salvador’s President Nayib Bukele Takes Jab at Bitcoin Foe Peter Schiff
El Salvador’s President Nayib Bukele recently made headlines by taking a jab at Bitcoin vocal opponent Peter Schiff. Bukele declared that El Salvador would not sell its Bitcoin holdings despite the cryptocurrency’s price surging over 40% from its initial purchases.
Bukele took to social media to address the situation, stating, “When Bitcoin’s market price was low, they wrote literally thousands of articles about our supposed losses. Now that Bitcoin’s market price is way up, if we were to sell, we would make a profit of over 40%.” He credited El Salvador’s citizenship program as the primary method of acquiring Bitcoin.
Peter Schiff, known as a ‘Gold Bug’ and a staunch critic of Bitcoin, challenged Bukele to confirm these gains, stating, “Talk about those profits after you sell and realize them.” Bukele responded to Schiff by simply saying, “Cry harder.”
Schiff has remained doubtful of Bitcoin’s latest price increase, which saw the cryptocurrency surpass $64,000—a peak not seen in the past two years. He believes that Bitcoin lacks intrinsic value and contrasts it with gold, which he sees as a stable haven for wealth.
Despite Schiff’s skepticism, the overall cryptocurrency market cap has crossed the $2 trillion mark, indicating a growing interest and investment in digital currencies. At the time of writing, Bitcoin was trading at $61,759, up 8.22% in the last 24 hours, according to Benzinga Pro.
In conclusion, the clash between Bukele and Schiff highlights the ongoing debate surrounding the value and potential of Bitcoin as a digital asset. While some remain skeptical, others see it as a viable investment opportunity in the ever-evolving financial landscape.
