- President Bukele defends Bitcoin gains amid market surge, criticizes past detractors.
- Peter Schiff challenges Bukele’s stance; Bukele responds with a resolute “Cry harder”.
- Crypto community lauds Bukele, Michael Saylor, supporting Bitcoin unwaveringly.
In the midst of Bitcoin’s recent surge, El Salvador’s President Nayib Bukele took to social media to address the critics who previously scrutinized the country’s adoption of the cryptocurrency. Bukele pointed out the stark contrast in coverage between the times when Bitcoin’s market price was low and the current period, where it has seen a significant increase.
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The president highlighted that during the times of lower Bitcoin prices, numerous articles were published speculating on supposed losses incurred by El Salvador. Now, with Bitcoin’s market price on the rise, Bukele noted that the potential profit from selling Bitcoin, acquired through the country’s citizenship program, would be over 40%.
Despite this potential profit, Bukele asserted that El Salvador has no intention of selling, emphasizing the principle that “1 BTC = 1 BTC”. No doubt, the nation has seen the power of Bitcoin first-hand and intend to make the best of it long-term.
In response to Bukele’s statement, notable gold advocate Peter Schiff chimed in, urging Bukele to discuss profits only after selling and realizing them. Unfazed by Schiff’s remark, Bukele responded with a succinct “Cry harder”, igniting a passionate reaction from the crypto community.
Crypto enthusiasts rallied behind Bukele, criticizing Schiff for his historical preference for gold over Bitcoin. Many praised Bukele and other crypto leaders, like Michael Saylor, for their steadfast commitment to Bitcoin and their decision to hold rather than sell.
The exchange between Bukele and Schiff serves as a testament to the ongoing debate between traditional financial assets and the growing influence of cryptocurrencies, with El Salvador continuing to be a focal point in the global crypto narrative.
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