President of El Salvador “War of Words” with Peter Schiff on the purchase of Bitcoin Dip December 4th
The debate over whether to invest in Bitcoin or gold continued over the weekend and stems from news that El Salvador saw a slump of 150 BTC on December 4th, valued at about US 7.3 million at that time -Dollars bought.
Gold Bull Peter Schiff replied to a tweet to say “There will be many more discounts in the near future. How much tax dollars are you going to waste? ”
Bukele replied the next day that “not a penny was wasted” as they had made a profit on their previous purchase in just 24 hours.
Bitcoin price fell to a 9-week low of around $ 42,000 on December 4, before rebounding slightly to hit $ 47,416 at press time.
Bitcoin price chart | Source: Tradingview
If you invest in gold, you will lose money this year
Nayib Bukele continued notification Schiff and his Twitter followers said that El Salvador has gold reserves valued at nearly $ 80 million, currently at a loss, while the same bitcoin is up nearly 160% over the same period.
“You know, we have 44,106 ounces of gold in our reserves. Valued at $ 79 million, 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. ”
Schiff replied that Bukele was betting a lot with other people’s money.
“Also, the bitcoin you bought in Dip last week is still in the red. You make a big bet on someone else’s money. It probably won’t end well. ”
Further down the tweet, it was noted that Schiff was expecting Bitcoin to decline, as it was trading at around $ 3,800 at the time three years ago.
Bitcoin vs. Gold earnings comparison
Bitcoin is volatile, but this year it has far outperformed gold in terms of generating returns. Even with a 29% correction from the previous month’s all-time high (ATH), Bitcoin is still up 66.5% since early 2021.
Gold, on the other hand, fell 5.7% in the same 11-month period, from USD 1,893 per ounce to the current USD 1,784 per ounce. Gold saw solid gains throughout 2019 and the first half of 2020, but declined after August 6, 2020.
However, smart investors can own both in their portfolio as both gold and bitcoin are hedged against inflation.
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