El Salvador’s President Reacts to Peter Schiff’s Criticism With a Stonk Meme.
Less than three weeks after Peter Schiff criticized El Savador’s president for investing state resources in Bitcoin (BTC), President Nayib Bukele has responded to the popular Bitcoin critic’s remarks.
President Bukele initially responded with a stonks meme, an internet joke, according to KnowYourMeme, that refers to making bad financial-related decisions.
https://t.co/h8qMib3ktv pic.twitter.com/qgp0HFqA93
— Nayib Bukele ?? (@nayibbukele) February 6, 2022
El Salvador’s president later retweeted the Bitcoin’s critic comments that condemned the country’s latest investment in the world’s largest cryptocurrency alongside Peter Schiff’s name and a laughing and crying emoji.
Peter Schiff ? https://t.co/h8qMib3ktv
— Nayib Bukele ?? (@nayibbukele) February 5, 2022
Recall that President Bukele on January 22, disclosed that the country took advantage of Bitcoin’s dip to increase its holding of the nascent asset class by 410 BTC.
According to the announcement, President Bukele said the country spent $36,500 for each BTC unit. The move saw several crypto enthusiasts applaud El Salvador’s Bitcoin adoption efforts.
However, Schiff, who is a known Bitcoin critic, slammed President Bukele’s investment choices, calling the $36,500 per BTC, a waste of funds.
Schiff criticized President Bukele’s decision of investing state resources into the most popular cryptocurrency, adding that the El Salvador leader should have invested his personal money into the asset.
“That means you wasted over $36,500 per Bitcoin. If you want to make bad bets on Bitcoin, do it with your own money.” Schiff added.
Interestingly, since El Salvador announced that it got each unit of its 410 BTC for $36,500, the cryptocurrency has surged in value above 17%.
With what could be the end of the bear season, BTC surged to nearly $43,000 earlier today, as El Salvador’s approximately $15 million investment in January reached $17.6 million in the early hours of today.
It is worth noting that this is not the first time Peter Schiff and President Bukele will be trading words on Twitter.
In December, Schiff came at the president for announcing that the country bought the dip by adding 150 coins at an average price of $48,670. However, the comment did not seem to go down well with Bukele, as he criticized the slow growth of Schiff’s precious metal, gold.
Schiff has openly criticized Bitcoin, even before it started gaining mainstream adoption. Back in 2013 when Bitcoin was trading around $724.07, Schiff called on crypto enthusiasts to ignore investing in the cryptocurrency and opt for gold instead.
Interestingly, Bitcoin is up 58x since Schiff made the comment, while gold which was trading around $1,241.75 at the time is currently changing hands to around $1,808.
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