Nayib Bukele: “FTX is the exact opposite of Bitcoin”

Nayib Bukele: “FTX is the exact opposite of Bitcoin”

The President of El Salvador believes that the decentralized Bitcoin network is able to provide people with financial freedom and protect them from the bankruptcy of cryptocurrency companies.  

El Salvador is the first country to legalize bitcoin as a means of payment. However, many locals are unhappy with the government’s decision to invest in the first cryptocurrency, because due to the bankruptcy of the FTX trading platform, Bitcoin fell in price below $16,000. Therefore, President Nayib Bukele published a tweet where he tried to once again explain the benefits of Bitcoin.

According to Bukele, the FTX exchange is a complete opposite of Bitcoin. The protocol of the first cryptocurrency was created specifically to prevent fraudulent schemes, pyramid schemes and mass withdrawals of bank deposits by people, Bukele explains. For example, it is worth mentioning the American energy company Enron, which collapsed in the early 2000s due to a major accounting fraud, the bankrupt telecommunications company WorldCom, the fraudsters Charles Ponzi (Charles Ponzi) and Bernie Madoff (Bernie Madoff). The president of El Salvador also included Sam Bankman-Fried, who founded FTX, on his list.

Bukele states that many companies that are on the verge of bankruptcy take on debt or redistribute the budget. However, this will not affect El Salvador, the president assured.

In October, Nayib Bukele published an article in which he spoke about the results that the country has been able to achieve thanks to investments in bitcoins. Bukele hopes that in the near future many states will follow the example of El Salvador and also legalize the first cryptocurrency.

Leave a Comment

withdraw money

Scroll to Top