As a seasoned researcher with a keen interest in finance and technology, I find the recent developments surrounding Bitcoin and gold intriguing. Having closely followed the evolution of digital currencies for years now, it is evident that we are witnessing a paradigm shift in the way we perceive and value assets.
Max Keiser, a well-known advocate for Bitcoin, ex-financial news reporter, and now Bitcoin advisor to President Nayib Bukele of El Salvador, has issued an important caution to individuals who favor investing in and hoarding the highly valued commodity – gold.
In my role as an analyst, I’ve observed Bitcoin, the trailblazing cryptocurrency, surpassing the $100,000 mark. Max Keiser, using his verified account on the X Network (previously known as Twitter), has extended a message to gold enthusiasts, suggesting they should pay heed to this development.
The warning was issued following the discovery by El Salvador’s political head, Nayib Bukele, that the nation’s excavated reserves hold an estimated value of approximately $3 trillion in gold.
El Salvador sits on $3 trillion gold deposits
Recently, Bukele hinted on Twitter that El Salvador might be home to the largest gold reserves ever discovered, due to its volcanic region’s geological activity. So far, only 4% of these suspected areas have been explored, and they’ve already found approximately 50 million ounces of gold, which amounts to an astounding $131.6 billion.
Yet, it’s anticipated that the estimated total gold reserves could surpass a staggering $3 trillion, far outstripping the nation’s Gross Domestic Product (GDP) by approximately 8,800 times over.
The president mentions that they’ve discovered gallium, tantalum, tin, as well as numerous other essential materials for both the Fourth and Fifth Industrial Revolutions.
For several years, metal mining has been banned in this nation because of severe contamination of nearby waterways. Yet, President Bukele is contemplating rescinding the ban and instead focusing on cleaning up the rivers, as opposed to stopping the spread of pollution by abstaining from mining metals further.
Max Keiser reacts to gold news
Instead of selling any potential gold discovered within El Salvador’s borders and investing the earnings into Bitcoin, the president might consider utilizing those resources to acquire Bitcoin directly.
It’s advantageous for them to sell their Gold at a reduced price today and invest in Bitcoin instead. This is because Bitcoin appears to be devaluing Gold (effectively making it worthless), which means the number of potential future buyers for Gold is decreasing rapidly. Without any buyers, the value of mined Gold would be negligible.
— Max Keiser (@maxkeiser) December 12, 2024
Keiser stated that he thinks exchanging gold for Bitcoin at a reduced price is the only method for gold investors to maintain profitability. In his opinion, Bitcoin is gradually devaluing gold and will ultimately drive it to zero. Consequently, he expressed, “The number of potential future gold buyers is rapidly decreasing, and without purchasers, mined gold would have no worth.
As a crypto investor, I’m excited to see that Bitcoin’s value has surged to around $101,240 per coin in the last two days, marking a 7.22% rise. It’s an encouraging start to the week!
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2024-12-12 18:12