El Salvador President Bukele Backs Bitcoin Again, But Gold Inventor Schiff Criticizes Him

President of El Salvador, Nayib Bukele, has broken his silence and reaffirmed his support for Bitcoin. This time, though, he faces opposition from Peter Schiff.

Bukele Supports Bitcoin

 On Sunday, Bukele tweeted on Father's Day, urging people to enjoy life rather than be concerned or nervous about Bitcoin's market price.

Bukele believes that investing in Bitcoin is risk-free (safe), highlighting the importance of patience and predicting that its value will skyrocket following the down market.

Schiff's Oppose

 Although there are many opponents, including those who support Bukele, gold investor Peter Schiff has also expressed his criticism.

Bukele's statement was dismissed by Schiff, who noted that bitcoin has plummeted 70% from its highs and that he (Bukele) has no idea how low the price would fall during this bear market or whether it will ever rebound to present levels.

Thoughts

 Schiff's point of view, in my opinion, is inappropriate. The goal of bitcoin is to provide economic independence, not to compete with gold or any other commodity. Bitcoin would supplant paper currency in the same way that gold currency supplanted paper currency.