Florence Muchai
Nayib Bukele, the president of El Salvador, recently responded to prominent Bitcoin critic Peter Schiff with a provocative message: “Cry harder 😘.” Schiff, known for his skepticism towards Bitcoin, faced backlash after criticizing Nayib Bukele’s decision to embrace Bitcoin as legal tender in El Salvador.
Nayib Bukele’s response reflects his unwavering support for Bitcoin and signifies his confidence in the potential benefits of crypto for his country’s economy.
Nayib Bukele hushes Peter Schiff amid the BTC bull rally
Amid the recent upswing in Bitcoin’s value, President Nayib Bukele of El Salvador took to social media to respond to those who had previously criticized the nation’s adoption of the cryptocurrency. Bukele emphasized the notable divergence in media attention pertaining to Bitcoin from periods of low market value to the present era, characterized by a substantial surge in its value.
El Salvador officially became the inaugural nation recognizing Bitcoin as legal tender in 2021. Furthermore, the nation also initiated investments in Bitcoin, a move that drew severe criticism from a multitude of internationally renowned financial organizations. Critics showed severe disapproval towards El Salvador and its president, Nayib Bukele, especially in the bear market.
In light of the ongoing cryptocurrency market upswing, El Salvador has witnessed a surge in Bitcoin profits exceeding 40%. In the interim, President Nayib Bukele of the country lauded the significant profits generated by X while reassuring the public of its intention to maintain the hold for an extended period.
The president added, “When the bitcoin price was low, they wrote thousands of articles about our losses. With the market value of Bitcoin soaring, we would realize a profit of over 40 percent on purchases alone if we sold it, and our main source of Bitcoin is now our visa program.”
Nayib Bukele went on to add, “We will not sell because 1 bitcoin remains 1 bitcoin. But it is very striking that the authors of these ‘hit pieces,’ the ‘analysts,’ the ‘experts,’ the ‘journalists,’ are now completely silent.”
Bitcoin fortune favors the prepared
Prominent gold advocate Peter Schiff remarked in response to Bukele’s statement, advising him to deliberate on profits solely subsequent to their sale and actualization. Bukele, unfazed by Schiff’s remark, impassioned the crypto community with his succinct “Cry harder” in response.
Bukele garnered the support of crypto enthusiasts, who criticized Schiff for his longstanding inclination towards gold rather than Bitcoin. A number of people commended Bukele and other prominent figures in the crypto industry, such as Michael Saylor, for their unwavering dedication to Bitcoin and their judicious choice to retain rather than divest.
The interaction between Nayib Bukele and Schiff exemplifies the continuous discourse surrounding the ascendancy of cryptocurrencies over conventional financial assets, with El Salvador remaining a central figure in the worldwide crypto discourse.
Peter Schiff maintains an unwavering conviction that Bitcoin is devoid of intrinsic value, instead advocating for gold as a reliable substitute.
Schiff articulated doubt regarding the future course of Bitcoin in a recent podcast, citing the crypto’s sideways movement that has occurred over the last three years. Schiff maintains his skepticism regarding the potential for Bitcoin to attain $100,000, attributing his decision to the absence of catalysts that drive additional expansion.
One might question the number of times Peter Schiff must observe that Bitcoin will persist before he will accept the factual accuracy of the statement. After the Spot Bitcoin ETFs, it is difficult to conceive of Bitcoin ever vanishing entirely from the global financial stage.
As of this writing, the current value of Bitcoin (BTC) is $61,143.07. This represents a 0.4% decrease since yesterday and a 0.1% increase from an hour ago. As of today, Bitcoin has gained 19.7% in value when compared to its value seven days ago.
As of now, the value of cryptocurrencies on the global market is $2.39 trillion, representing a change of -0.09% over the past twenty-four hours and 111.5% over the past year.
At present, Bitcoin (BTC) holds a market capitalization of $1.2 trillion, indicating a dominance of 50.34%. Stablecoins, meanwhile, have a market capitalization of $143 billion, or 5.99%, of the total crypto market capitalization.
