The weekend brought about an unprecedented crypto market crash where in a 24-hour period $2.5 million leveraged positions were liquidated.
As the crypto market cap came $500 billion short during the crash, El Salvador President Nayib Bukele once again bought the dip acquiring 150 Bitcoin (BTC) and adding it to the country’s cryptocurrency holdings.
However, this action did not go unnoticed as President Bukele was heavily criticized for his Bitcoin (BTC) advocacy. The Euro Pacific Asset Management CEO Peter Schiff, a renowned gold and anti-cryptocurrency advocate, used Twitter to chastise the president of El Salvador, by saying that more crashes are to come, so why is he spending taxpayer money.
There's a lot more dips coming. How much taxpayer money do you intend to waste?
— Peter Schiff (@PeterSchiff) December 4, 2021
The inquisition waged an all-out war among the two, where President Bukele defended previous Bitcoin (BTC) acquisitions having already paid off, and at the same time took the opportunity to mock Schiffer by calling him a boomer. He also stated that El Salvador currently possesses 44,106 oz of gold reserves, valued at $79 million after it incurred a downturn of 37%. The president further antagonized the stockbroker and CEO by saying that had El Salvador sold the gold reserves and acquired Bitcoin (BTC) in their stead, the holdings would be valued at $204 million, much more than gold.
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.
— Nayib Bukele (@nayibbukele) December 4, 2021
Panic has plagued the cryptocurrency market, seeing as in 24 hours the market capitalization incurred a 4.75% downturn, being currently valued at $2.20 trillion. Bitcoin (BTC) is trading in the red having dropped by 3.35%, currently trading at around $47,000.
Nonetheless, the cryptocurrency community views this as an opportunity to buy, because the increased mainstreaming of blockchain and cryptocurrencies will no doubt lead to a strong comeback. El Salvador is the pioneer of seizing such opportunities as it bought the dip on the last Friday of November, aka Black Friday, where the president noted that El Salvador had acquired 100 more Bitcoin (BTC) on Black Friday discount via Twitter.
El Salvador just bought the dip.
100 extra coins acquired with a discount 🥳#Bitcoin 🇸🇻
— Nayib Bukele (@nayibbukele) November 26, 2021