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HomeCrypto NewsMarketEl Salvador's President Nayib Bukele Join Trolls, Mocks Bitcoin Critic Peter Schiff Over Bank Closure

El Salvador’s President Nayib Bukele Join Trolls, Mocks Bitcoin Critic Peter Schiff Over Bank Closure

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Bukele teases Schiff over bank closure.


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President of El Salvador Nayib Bukele has joined the rest of crypto Twitter to tease gold supporter and Bitcoin detractor Peter Schiff over the closure of his bank in a tweet on Wednesday.

Responding to a January tweet from Schiff, where the Bitcoin critic mocked MicroStrategy’s Michael Saylor and Nayib Bukele over the lackluster performance of Bitcoin, Bukele on Wednesday tweeted:

“How’s your bank going?”

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Schiff has remained a vocal detractor of the leading digital asset by market cap, often calling it a pyramid scheme and taking every opportunity to mock and call out its supporters. “When are you going to stop throwing taxpayer’s money away helping whales unload their Bitcoin? The dips won’t stop, so if you don’t stop buying, El Salvador won’t stop losing,” tweeted the gold bug in May, responding to El Salvador buying the dip once again. 

And last November, in a direct shot at Bukele, he tweeted, “Do they have impeachment in El Salvador?”

Peter Schiff also Blasted MicroStrategy’s Latest Bitcoin Purchase, Saying BTC More Downside Would Make Saylor Waste More Money.

The economist had revealed the closure of his bank in a tweet on Sunday. According to Schiff, the bank in Puerto Rico had been closed for failing to meet the minimum required net capital. However, Schiff lamented the closure, saying regulators were blocking a deal he had lined up to sell the bank to a buyer willing to provide the required capital over old investigations surrounding his banks for tax evasion and money laundering.

According to Schiff, regulators have locked up customer accounts, and he fears they may lose their funds. While Puerto Rico’s Office of the Commissioner of Financial Institutions says the bank is currently operating on negative capital and, as such insolvent, Schiff has denied these claims saying the bank has enough to cover its deposits.

However, Schiff’s complaints of being targeted by the government have attracted the mockery of crypto Twitter, who have not missed the chance to point out how Bitcoin is resistant to all of these. “Perhaps a non-sovereign, hard-capped supply, global, immutable, decentralized, digital store of value would have been better. Good luck nonetheless, Peter,” tweeted BNB Chain.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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