El Salvador’s President Nayib Bukele on Wednesday took a jab at Bitcoin BTC/USD vocal opponent Peter Schiff.
What Happened: Bukele said El Salvador would not sell its Bitcoin holdings despite being up over 40% from its purchases.
He took to X, “When [Bitcoin's] market price was low, they wrote literally thousands of articles about our supposed losses. Now that [Bitcoin's] market price is way up, if we were to sell, we would make a profit of over 40%.” He credited El Salvador’s citizenship program as the primary method of Bitcoin acquisition.
‘Gold Bug’ Schiff challenged Bukele to confirm these gains, replying, “Talk about those profits after you sell and realize them.”
Bukele responded to Schiff saying, “Cry harder.”
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Why It Matters: Schiff has remained doubtful of Bitcoin’s latest price increase, which saw the cryptocurrency surpass $64,000—a peak not seen in the past two years.
Amid the market’s upswing and the overall cryptocurrency market cap crossing the $2 trillion mark, Schiff on Tuesday said, “There is an old saying that markets take the stairs up and the elevator down. With [Bitcoin] it's a bit different. Bitcoin takes the elevator up and then jumps.”
He believes that Bitcoin lacks intrinsic value, contrasting it with gold, which he sees as a stable haven for wealth. In a recent podcast with Anthony Pompliano, Schiff said, "Can Bitcoin rally to $100,000 or more? Sure it can, but I don't even think it's worth betting on it because it's not even that big of a rise. I mean it's been going sideways now for three years…it hit the high, almost hit $70,000 in 2021, this is 2024. I just don't see the next catalyst for the rise."
Price Action: At the time of writing, BTC was trading at $61,759, up 8.22% in the last 24 hours, according to Benzinga Pro.
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Photo by Gobierno Danilo Medina on Flickr
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