El Salvador president, Nayib Bukele in the wake of FTX’s collapse has called the exchange the opposite of Bitcoin, while also stating that the Bitcoin protocol was created precisely to prevent Ponzi schemes.
The FTX explosion sent shockwaves across the globe and seriously damaged investor confidence. The Salvadoran President Nayib Bukele and Changpeng “CZ” Zhao, two seasoned cryptocurrency enthusiasts, nevertheless, continue to see through the mist while advancing their goal of financial freedom.
Bukele was the driving force behind the widespread acceptance of Bitcoin in El Salvador. Bukele referenced the most recent FTX fall to highlight why Bitcoin is distinct from other currencies, despite the criticism he previously faced for buying BTC while markets fell.
As President Bukele described the underlying workings of the Bitcoin protocol, “FTX is the reverse of Bitcoin.” A trustless financial system can be achieved by using an immutable peer-to-peer network, as the Bitcoin white paper emphasizes.
Sam Bankman-Fried, the CEO of FTX, as well as other financial fraudsters like Bernie Madoff, were singled out by Bukele, who also noted that the Bitcoin protocol shields such dishonest people from financial wrongdoing. Bukele said,
“Some understand it, some not yet. We’re still early.”
Additionally, he emphasized in his speech in favor of bitcoin that it has a 21 million market cap limit, making it a genuinely uncommon asset to acquire globally. He gets it comments were the overwhelming response from the crypto community.
Recently, US Representative Brad Sherman blamed “billionaire crypto dudes” for legislative delays, claiming they had a direct hand in funding campaigns.
The senator continued, “I believe it is crucial now more than ever that the SEC take strong action to eliminate the regulatory limbo in which the crypto business has operated.
Sherman’s comments concern the $39.8 million infusion of funds made by SBF during the prior 2022 U.S. midterm elections.
