El Salvador president says FTX is the opposite of Bitcoin

El Salvador’s President Nayib Bukele said that the first cryptocurrency was created to prevent Ponzi schemes and bank runs.

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

“FTX is the opposite of Bitcoin. The Bitcoin protocol was created precisely to prevent Ponzi schemes, bank runs, Enron, WorldCom, Bernie Madoff, Sam Bankman-Fried, bailouts and wealth redistribution. Some understand it; others do not,” Bukele wrote.

In June, the president of El Salvador urged not to worry about the fall in the price of digital gold. Then, when its price fell below $23,000, the country’s ‘paper’ losses from 2301 BTC in its reserves exceeded $46.1 million. On 30 June, authorities bought an additional 80 BTC amid the slide in Bitcoin prices.

In late July, Salvadoran Finance Minister Alejandro Zelaya said that the rollout of digital gold expanded access to financial services for people largely outside the banking system, attracted tourists and investments.

Amid the FTX crisis, Binance CEO Changpeng Zhao and former MicroStrategy CEO Michael Saylor called for self-custody of crypto assets.

Bloomberg called it unlikely that customers would recover their funds from FTX.

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