El Salvador President Nayib Bukele explained to Peter Schiff why it didn’t make sense to criticize his country for continuing to take advantage of dips in the Bitcoin price. Schiff is the CEO of Euro Pacific Capital, a full-service, registered broker/dealer specializing in foreign markets and securities, and founder and Chairman of SchiffGold. The bill to make Bitcoin legal tender in El Salvador got passed by the Legislative Assembly on June 9 and the Bitcoin Law became effective on September 7. El Salvador’s President, Fausto Bukele, responded to Schiff’s attack on his nation’s gold reserves by pointing out that the value of their gold reserves has gone down by 0.37% over the past one year. The last time El Salvador bought Bitcoin was on October 27/28, and if they had done so back then, the price would be around $204 million.
You’re in the green for now. Let’s see how long it lasts. Plus you’re still in the red on the #Bitcoin you bought on last weeks’s dip. You are making a huge bet using other people’s money. It’s not likely to end well for them or you!
— Peter Schiff (@PeterSchiff) December 4, 2021