U.Today - Max Keiser, a prominent Bitcoiner, former financial journalist and currently the Bitcoin advisor to El Salvador’s president Nayib Bukele, has published a crucial warning to those who prefer to invest in and hold the most valuable precious metal – gold.
As the world’s pioneer cryptocurrency, BTC, has recovered the $100,000 price level, Keiser has sent gold lovers a message via his official account on the X network (formerly popular as Twitter).
That warning came after El Salvador’s political leader, Nayib Bukele, found out that the country’s unearthed deposits contain $3 trillion worth of gold.
El Salvador sits on $3 trillion gold deposits
In a tweet published recently, Bukele spread the word that, potentially, El Salvador sits on the largest gold deposits ever thanks to the volcanic activity in that area. So far, research has been conducted in only 4% of the potential areas and spotted 50 million ounces of gold, which equate to $131,565 million.However, the total potential gold deposits promise to surpass $3 trillion, which would exceed the country’s GDP by more than 8,800%.
According to the president, they have also come across gallium, tantalum, tin and “and many other materials needed for the 4th and 5th industrial revolution.”
Metal mining has been prohibited for many years in the country due to heavy pollution of the local rivers. However, Bukele is considering lifting that ban and cleaning them rather than preventing the pollution from spreading further by not mining the metals.
Max Keiser reacts to gold news
Max Keiser responded to a tweet, in which an X user suggested that El Salvador’s president should sell all the gold that is potentially to be found in the country and use the proceeds to buy Bitcoin.Keiser quoted that tweet, saying that be believes selling gold (“at a suitable discount”) for Bitcoin is the only way for gold investors to stay profitable. Bitcoin, Keiser believes, is demonetizing gold and is going to take it down to zero in the end. Therefore, he said, “The pool of potential future buyers of Gold is rapidly shrinking and without buyers, the mined Gold would have no value.”
Currently, Bitcoin is trading at $101,240 per coin after showing a 7.22% increase over the past two days.