El Salvador’s President Nayib Bukele Joins Trolls, Mocks Bitcoin Critic Peter Schiff Over Bank Closure

Bukele teases Schiff over bank closure.

President of El Salvador Nayib Bukele has joined the rest of crypto Twitter to tease gold supporter and Bitcoin detractor Peter Schiff over the closure of his bank in a tweet on Wednesday.

Responding to a January tweet from Schiff, where the Bitcoin critic mocked MicroStrategy’s Michael Saylor and Nayib Bukele over the lackluster performance of Bitcoin, Bukele on Wednesday tweeted:

“How’s your bank going?”

How’s your bank going?

— Nayib Bukele (@nayibbukele) July 6, 2022

Schiff has remained a vocal detractor of the leading digital asset by market cap, often calling it a pyramid scheme and taking every opportunity to mock and call out its supporters. “When are you going to stop throwing taxpayer’s money away helping whales unload their Bitcoin? The dips won’t stop, so if you don’t stop buying El Salvador won’t stop losing,” tweeted the gold bug in May, responding to El Salvador buying the dip once again.

And last November, in a direct shot at Bukele, he tweeted, “Do they have impeachment in El Salvador?”

The economist had revealed the closure of his bank in a tweet on Sunday. According to Schiff, the bank in Puerto Rico had been closed for failing to meet the minimum required net capital. However, Schiff lamented the closure, saying regulators were blocking a deal he had lined up to sell the bank to a buyer willing to provide the required capital over old investigations surrounding his banks for tax evasion and money laundering.

According to Schiff, regulators have locked up customer accounts, and he fears they may lose their funds. While Puerto Rico’s Office of the Commissioner of Financial Institutions says the bank is currently operating on negative capital and, as such insolvent, Schiff has denied these claims saying the bank has enough to cover its deposits.

However, Schiff’s complaints of being targeted by the government have attracted the mockery of crypto Twitter, who have not missed the chance to point out how Bitcoin is resistant to all of these. “Perhaps a non-sovereign, hard-capped supply, global, immutable, decentralized, digital store of value would have been better Good luck nonetheless Peter,” tweeted BNB Chain.

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