The recent disclosure of a humongous reserve of gold in El Salvador and the possibility of it being exploited have awakened all sorts of opportunities for the country, that needs this kind of funds to spearhead a larger economic recovery.

The underground gold resource, reported by President Bukele recently, would allow the nation to have a $3 trillion war chest to invest in its development and enlarge the already substantial bitcoin reserve it possesses. Bukele’s statements hint at using this resource to invest more heavily in bitcoin.

Read more: El Salvador Discovers $3 Trillion Gold — Will It All Go Into Bitcoin?

Max Keiser, a cryptocurrency aide of the Bukele administration, talked openly about this possibility, stating that El Salvador could sell convertible shares, a plan following Michael Saylor’s playbook, to finance large-scale bitcoin purchases. For Keiser, bitcoin is now a better asset than gold in the long term.

An action of this kind would upend the global gold market, diluting the value of gold and strengthening the price and the stance of bitcoin as a reserve asset. This comes in line with the recommendation Saylor recently gave for the U.S., stating that it should purchase 25% of the total bitcoin issuance with its gold, diluting the holdings of its enemy nations in the process.

Read more: Michael Saylor Outlines US’s Ultimate Bitcoin Reserve Strategy: Dump Gold, Buy Bitcoin

There are still impediments to exploiting this gold: metal mining activities are illegal in El Salvador, and environmentalist groups are fighting a possible repeal of the law establishing these provisions. However, Bukele has the political power to repel this law and extract this gold in the most environmentally friendly way.

If this gold is finally exploited, El Salvador should decide to invest at least part of these funds to become one of the largest holders of bitcoin in the world and to disrupt the global gold market, all in one swift trade.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。