- The president of El Salvador has made a snide remark about economist Peter Schiff.
- “How’s your bank going?” asks the leader amid Schiff’s bank closure.
- Schiff had earlier criticized the president’s move to make Bitcoin a legal tender in the country.
Nayib Bukele, the president of El Salvador who famously and much to the world’s surprise adopted Bitcoin as a legal tender, has taken a dig at crypto skeptic Peter Schiff. “How’s your bank going?” was Bukele’s cheeky response to Schiff’s Twitter post about Bitcoin’s failings that he posted back in January.
In the original post, Schiff had tagged Bukele stating that he doubted that the president had enough dry powder to keep the market propped up amid Bitcoin’s crash. Bukele, however, did not respond at the time. It is interesting to note that El Salvador’s leader waited for the right moment to make a well-timed comment.
How’s your bank going?
— Nayib Bukele (@nayibbukele) July 6, 2022
On Tuesday this week, Schiff’s Euro Pacific Bank in Puerto Rico received a notice of suspension from the Office of the Commissioner of Financial Institutions of Puerto Rico. The bank is apparently under probe for tax evasion and money laundering. This financial debacle is what Bukele was referring to in his cheeky comment.
Crypto Twitter celebrated this moment, with Bukele’s comment gardening thousands of likes and a slew of appreciative responses, gifs, and memes. One of the more entertaining memes is that of Schiff drawn as a dinosaur holding a gold coin as a Bitcoin-shaped comet comes hurtling toward him. Evidently, crypto Twitter is at its creative best when taunting critics.
Schiff has always been a staunch crypto hater. Just last week, he took to Twitter to express his opinions on the abysmal state of the current crypto market. The economist clearly asked his followers not to buy the dip as this would lead to more losses. On his podcast, The Peter Schiff Show, the financial commentator often criticizes crypto, specifically targeting Bitcoin, and shares his conservative views on most socio-political issues.