Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
On Twitter, Nayib Bukele responded to Schiff’s criticism of the new Bitcoin purchase in low prices.
The president of El Salvador, Nayib Bukele, said on Saturday, December 4, that, in the new fall of the price of oil, theBitcoin, the country had bought another 150 BTC at an average price of USD $48,670. . Thus, the Central American nation has 1,370 BTC to its credit.
Bukele tweeted it on his personal account, and soon after, economist Peter Schiff, gold advocate and hater deBitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions.he came out to comment. Here thetweets:
There’s a lot more dips coming. How much taxpayer money do you intend to waste?
— Peter Schiff (@PeterSchiff) December 4, 2021
El Salvador just bought the dip! 150 coins at an average price in USD of ~$48,670
There are many more falls to come. How much taxpayer money do you intend to waste?
Then Schiff’s son, Spencer Schiff, who is an investor in theBitcoin, came to the defense, not of his father, but of the Salvadoran president, saying:
@nayibbukele, my dad’s response is your cue to buy more.
But Bukele didn’t stay calm and also responded to the U.S. gold advocate, referring to the nation’s gold holdings and what would have happened if he had converted them intoBitcoin:
We are already in the green since our last purchase, in less than 24 hours.
You know Boomer, we have 44,106 oz of gold in our reserves.
With a value of $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.
Schiff, however, did not keep his mouth shut and continued arguing:
“Young man, just because you gambled and won doesn’t mean you made a good bet. You got lucky and gambling with taxpayers’ money is wrong. You haven’t won yet either, since your bet is still on the table, so your luck may run out – don’t count your chips while they’re still on the table!”
“You’re in the green for now. Let’s see how long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. it lasts. Also, you’re still in the red with the #Bitcoin you bought in last week’s drop. You’re making a big bet with other people’s money. It’s not likely to end well for them or for you!”.
Also, later, to a tweeter who came out to comment on the issue Schiff said:
“What El Salvador needs is free market an area or arena, online or offline, in which commercial dealings are conducted. capitalism, individual freedom and sound money. That’s guaranteed for success. There’s no reason to bet the farm on a hail mary.”
Sources:Twitter y archivo