On Saturday, economist and stockbroker Peter Schiff scolded El Salvador’s president, Nayib Bukele, for committing the country’s budget to another large bitcoin purchase. Schiff is known for his pro-gold outlook and scepticism about cryptocurrencies.
“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 the 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.
Bukele had just tweeted that El Salvador had purchased another 150 units of the virtual currency at an average price of $ 48,670, taking advantage of the steep drop in its value. He also stated that he was only 7 minutes away from the “fucking bottom” of the downturn.
The price of bitcoin and other major digital currencies dropped substantially in a matter of hours on Saturday, according to the Coindesk portal.
Bitcoin’s price fell to $ 42,019 for the first time since September, when it began an amazing ‘surge’ that pushed it to new all-time highs. The bitcoin issue caused the cryptocurrency markets to plummet. Ethereum was down more than 14%, Solana, Cardano, and XPR were down more than 18%, and other assets were down more than 20%.