U.Today – Max Kaiser, a well-known Bitcoiner, former financial journalist, and current advisor to El Salvador's President Nayib Boucle, says that people who prefer to invest in and hold gold, the most valuable precious metal. issued an important warning.
As the world's pioneering cryptocurrency BTC regained the $100,000 price level, Kaiser sent a message to gold lovers through his official account on the X Network (previously popular as Twitter).
The warning came after El Salvador's political leader Nayib Boucle discovered that the country's unearthed deposits contained $3 trillion worth of gold.
El Salvador has $3 trillion in gold reserves
In a recent tweet, Bukele spread the word that El Salvador may have the largest gold deposits in history thanks to volcanic activity. So far, exploration has been carried out in just 4% of the potential area and 50 million ounces of gold valued at $131.565 billion have been discovered.
However, total potential gold reserves are expected to exceed $3 trillion, which is more than 8,800% more than the country's GDP.
According to the president, they also encountered gallium, tantalum, tin and “many other materials needed for the fourth and fifth industrial revolutions.”
Metal mining has been banned in the country for many years due to severe pollution of local rivers. But rather than preventing further pollution by not mining the metal, Bukele is considering lifting the ban and cleaning it up.
Max Keizer reacts to Kim's news
Max Kaiser responded to a tweet in which an X user suggested that the president of El Salvador should sell all the gold that could be found in the country and use the proceeds to buy Bitcoin.
Kaiser cited that tweet and said he believes selling gold (“at an appropriate discount”) in exchange for Bitcoin is the only way gold investors can continue to make profits. . Kaiser believes that Bitcoin has demonetized gold and will eventually reach zero. Therefore, “the number of potential buyers for gold is rapidly decreasing, and without buyers, the mined gold becomes worthless,” he said.
Bitcoin is currently trading at $101,240 per coin, up 7.22% over the past two days.
This article was originally published on U.Today
