U.Today

Max Keiser, a notable Bitcoiner and advisor to El Salvador’s president Nayib Bukele, recently issued a significant warning for gold investors as Bitcoin (BTC) reaches the $100,000 mark.

El Salvador’s Gold Deposits

Bukele announced via his official account on X (formerly Twitter) that El Salvador may possess over $3 trillion in gold deposits, a result of volcanic activity. To date, only 4% of the potential mining areas have been researched, revealing 50 million ounces worth approximately $131.6 billion. This total surpasses the country's GDP by over 8,800%.

Additionally, the research uncovered gallium, tantalum, tin, and other materials crucial for future industrial revolutions. The country has a long-standing ban on metal mining due to river pollution, but Bukele is considering lifting this ban and cleaning the areas instead.

Keiser’s Reaction

In response to a tweet suggesting Bukele sell the country’s gold to invest in Bitcoin, Keiser echoed that sentiment, advocating for gold sales at a discount to remain profitable. He argues that Bitcoin is diminishing gold’s value and predicts it could ultimately drop to zero, stating that the buyer base for gold is rapidly declining.

As of now, Bitcoin is valued at $101,240 per coin, marking a 7.22% increase in the last two days.

This article was originally published on U.Today.