The President of El Salvador, Nayib Bukele (Nayib Bukele) publicly stated that his country owns 44,106 ounces. The gold in its reserves has dropped some prices in the past year. He told the gold bug Peter Schiff that if El Salvador sold out of gold and bought Bitcoin last year, its current price would be as high as $125 million.
Bitcoin and Gold: El Salvador could have created millions of conversion reserves from gold to Bitcoin
President Nayib Bukele of El Salvador revealed some details of the country’s gold reserves when speaking with the gold worm Peter Schiff on Twitter.
On Saturday morning, when Bukele announced that his country had purchased 100 lots of BTC, Schiff commented on the decline in shopping in El Salvador as the value of Bitcoin fell from more than $52,000 on weekday nights to less than $44,000. “There are a lot of drops coming back. What percentage of remuneration cash should one waste?” Schiff asked Booker.
The President of El Salvador replied: “No.” He emphasized: “Since the last purchase, we have been in a state of inexperience, only twenty-four hours have passed.” Booker continued:
You know, alone, we have 44,106 ounces of gold in our reserves. 79 million US dollars, a year-on-year decrease of 0.37%. If we sold it out a year ago and bought Bitcoin, its current value would reach 204 million US dollars.
In September, Microstrategy business director Michael Saylor made the same comment. He revealed: “If I chose gold instead of Bitcoin last year, it would be a multi-billion dollar mistake.” His company purchased 7,002 BTC at the end of November, increasing its Bitcoin holdings to 121,044 coins .
El Salvador created a Bitcoin tender on the U.S. dollar in September. Last week, the International Fund (IMF) warned that Bitcoin was seen as a tender for abuse. European National Bank President Andrew Bailey also expressed concerns about El Salvador’s use of Bitcoin as its national currency.