El Salvador buys 100 Bitcoin (BTC). Peter Schiff criticises Nayib Bukele

Sat 27 Nov 2021 ▪ 14h42 ▪ 3 min read — by Hugh Renolds

President of El Salvador Nayib Bukele announced that against the background of the downtrend in the crypto market, El Salvador purchased another 100 BTC. However, not all citizens of the country seem to agree with this decision. 

El Salvador buying the dip

According to Cryptopolitan, Nayib Bukele tweeted that El Salvador has acquired another 100 BTC. According to the head of state, accumulating and HODL’ing digital assets is an important aspect of his policy to increase the country’s share in cryptocurrencies.

Recall that last month, Bukele also announced the upcoming purchase of the first cryptocurrency. At the moment, the state holds more than 1000 BTC.

Famous sceptic Peter Schiff opposes the idea

The famous Bitcoin sceptic and “gold bug” Peter Schiff overtly opposed the Bitcoin policy of El Salvador. Replying to Bukele’s tweet, the gold supporter said the move was “sad” for the country. Moreover, Schiff also assured his readers that El Salvador is doomed to end up having to cut its losses by selling all the cryptocurrency at the state’s disposal.

El Salvador’s far-reaching Bitcoin plans

Earlier this week, President Bukele made public his intention to build a “Bitcoin City”, funded from a $1 billion volcano bond. While the capital is partly reserved for buying BTC, the rest of it will be allocated to supporting mining initiatives.

El Salvador’s plans point at the country’s growing confidence in BTC. Seeing that since 2013, the first cryptocurrency has seen a 100% appreciation every year, there is little doubt that the history will repeat itself next year. Naturally, the bonds will be repaid from the proceeds from HODL’ing and investments.

Bukele is unwavering in his belief in the bright Bitcoin future for El Salvador. He has pointed out the ease and convenience crypto payments bring into the lives of Salvadorians living abroad (and their families and friends within the country), as well as the opportunity to foster financial inclusivity with the aid of BTC.

It is also worth noting that at this point, Bitcoin continues to decline. At the time of this writing, its price is hovering around $55,000. Judging by the dynamics of the price movement of the first cryptocurrency, there is a high probability that its value will soon fall below the $50,000 mark.

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Hugh Renolds

I believe in the bright future of crypto. I have been investing since 2017 and look to share my experience in, and thoughts on, crypto and the blockchain.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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