El Salvador’s president says FTX is the opposite of Bitcoin
- El Salvador’s President Is Overoptimistic About Bitcoin’s Future Amid Crypto Downfall.
- El Salvador’s holdings were not held on the broken FTX exchange.
Famous Bitcoin maximalist El Salvador President, Nayib Bukele, appeared on Twitter to express the importance of Bitcoin in the ongoing chaos in the crypto market. He wrote that the bankrupt crypto exchange FTX is unlike Bitcoin. FTX’s lack of transparency and unfair handling of users’ funds prompted him to point out how extremely opposite FTX’s and Bitcoin’s modus operandi are.
FTX is the opposite of #Bitcoin #Bitcoins protocol was created precisely to prevent Ponzi schemes, bank runs, Enrons, WorldComs, Bernie Madoffs, Sam Bankman-Frieds……bailouts and wealth allocations. Some get it, some don’t yet. We are still early./21m
— Nayib Bukele (@nayibbukele) November 14, 2022
He strongly advocates Bitcoin, believing it to be the potential tool against all the huge scandals and Ponzi schemes that the global economy is prone to. He stated that the dominant DeFi pioneer was created to prevent even the current “FTX contagion.” There would be no chaos created by bailouts, insolvencies or bankruptcies.
Rumors spread that El Salvador’s Bitcoin holdings were on FTX. Binance CEO CZ spoofed them by rushing in as the president’s messenger.
Bitcoin evangelist for eternity?
The El Salvador president is known for his mania over Bitcoin in the crypto sector. On September 7, 2021, the Central American country became the first nation to accept Bitcoin (BTC) as legal tender. Ever since then, Bukele initiated the formation of a Bitcoin-based economy. He was criticized for betting the Salvadoran economy on the highly volatile asset and the country in deep debt. But none of these stopped him from investing in BTC even during the bearish falls this year.
Remarkably, the country is proud to include “Bitcoin Beach”, which is the label given to El Zonte – an island where every merchant accepts Bitcoin as payment. The country launched its own digital wallet, the Chivo app, to transform Bitcoin into a prominent domestic currency for El Salvador. Despite all these, Bukele’s forecast for the Bitcoin-led economy does not seem to have a positive change in the country’s growth. Also, BTC adoption among locals is not common.
It’s clear from Bukele’s opinions that Bitcoin’s true decentralization and transparency persuade him to consider crypto “the future.” Criticism prevails, and but neglecting all this, Bukele emerges as the determined advocate of Bitcoin-powered economies.
