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.
FTX is the opposite of #Bitcoin #Bitcoin ’s protocol was created precisely to prevent Ponzi schemes, bank runs, Enron’s, WorldCom’s, Bernie Madoff’s, Sam Bankman-Fried’s…
…bailouts and wealth reassignments.
Some understand it, some not yet.
We’re still early.
🌎/21m
— Nayib Bukele (@nayibbukele) November 14, 2022
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, he said “FTX is the opposite of Bitcoin,” A trustless financial system can be achieved by using an immutable peer-to-peer network, as the Bitcoin white paper emphasizes.
Bukele called out FTX CEO Sam Bankman-Fried and other financial fraudsters, such as Bernie Madoff, while highlighting how the Bitcoin protocol stops such bad actors from engaging in financial wrongdoing. He continued,
“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.
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