El Salvador’s President explains why Bitcoin is better than Gold

On Dec 5, 2021

The President of El Salvador shared his stance on the Bitcoin buy, which is going beneficial over Gold Investment.

El Salvador is the first country in the world to adopt Bitcoin as a currency alongside the use of the US dollar. However, it was not an easy journey for the ruling government to adopt Bitcoin as Currency. Many political pressures forced the Bitcoin law to be taken back. But the President of El Salvador adopted as per planning to achieve growth for the country.

On 4 December, Nayib Bukele, president of El Salvador, announced to buy Bitcoin totalling 150+50 Bitcoins, in the crash. In response, Peter Schiff, economic and global strategist, said that there are many dips that will come in future. How you can waste the public money.

There's a lot more dips coming. How much taxpayer money do you intend to waste?
— Peter Schiff (@PeterSchiff) December 4, 2021

In response, Nayib Bukele explained how they are moving toward growth with the Bitcoin Investment.

Nayib took the example of gold Investment, with the funds of a government fund, over the Bitcoin investment.

Nayib said that El Salvador owns $79 million worth of gold and it is down by around 0.37% over a year. But with the Bitcoin investment, they are in green.

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Further, Nayib explained that if El Salvador had bought Bitcoin by selling the gold then the worth of that Investment turned into $204 million.

None.

We’re already in the green from our last purchase, in less than 24 hours.

You know boomer, we have 44,106 oz of gold in our reserves.

Worth $79 million, down 0.37% from a year ago.

If we had sold it a year ago and bought #Bitcoin, it would now be valued at $204 million. https://t.co/e5z9cVsfjg
— Nayib Bukele 🇸🇻 (@nayibbukele) December 4, 2021

So through a response tweet, Nayib explained very well how El Salvador is getting profit with Bitcoin adoption. And also how Bitcoin investment is much better than Gold Investment.

However, Further, Peter replied that, how much time it will lasts, let’s see. And also claimed that Nayib is betting with the Money of other people.

“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!”

Besides all these, the comments of these tweets are going in favour of El Salvador’ Bitcoin adoption. Many Twitter users supported Nayib Bukele in the tweeted threat.