The crypto market saw the most unexpected crash over the weekend, experiencing the highest liquidation recorded in past 15months, with more than $2.5 billion worth of leveraged positions getting liquidated in merely 24-hours. While the market cap dropped by nearly 20% with the loss of over $500 billion, Bitcoin enthusiast and the Salvadoran President, Nayib Bukele saw it as an investment opportunity. He marked his place in the headlines with an addition of 150 Bitcoins to the nation’s crypto portfolio.
However, Bukele yet again faced backlash for his blind trust in BTC. This time around the CEO of Euro Pacific Asset Management, and the infamous anti-crypto and pro-gold, Stock Broker, Peter Schiff, took to Twitter to take down Bukele. Schiff replied to Salvadoran President’s BTC addition announcement, claiming that he was wasting the taxpayers hard earned income, predicting a series of upcoming crypto crashes.
There's a lot more dips coming. How much taxpayer money do you intend to waste?— Peter Schiff (@PeterSchiff) December 4, 2021
Schiff’s reply initiated a Twitter war between him and the Salvadoran President, who mockingly called Schiff a “boomer”. President Bukele further noted that the country’s previous purchase of the dip has already turned green. Additionally, he revealed that El Salvador currently has 44,106 oz of gold reserves, which fell by 0.37%, with present valuation of $79 million. However, he emphasized that if the country had sold it a year ago and bought Bitcoin, “it would now be valued at $204 million”.
We’re already in the green from our last purchase, in less than 24 hours.
You know boomer, we have 44,106 oz of gold in our reserves.
Worth $79 million, down 0.37% from a year ago.
If we had sold it a year ago and bought #Bitcoin, it would now be valued at $204 million. https://t.co/e5z9cVsfjg— Nayib Bukele 🇸🇻 (@nayibbukele) December 4, 2021
Bitcoin Community Continues to Believe Despite Consecutive Crashes
The crypto market is high on its fear index, given the global crypto market cap is now at $2.20 trillion, portraying a 4.73% decrease over the last day. Bitcoin also dropped by another 3.35 percent in the past 24 hours and an accumulative 7-day fall of 16.6 percent, priced at $47k, at the time of writing.
However, the community continues to see it as a chance to invest, given the inevitable growth of the decentralized industry. El Salvador has spent millions on buying the Bitcoin dips in the past few weeks. Towards the end of November, the country had purchased some more BTC for itself during the Black Friday crash. President Bukele announced the addition of 100 Bitcoins via Twitter, noting that they had bought it at a discounted price, in lieu of a Black Friday drop.