Bukele explained that Bitcoin differs from FTX despite the backlash he received for purchasing BTC when markets crashed.
Investor confidence was severely shaken by the FTX explosion, which sent shock waves worldwide. Despite the fog, seasoned crypto entrepreneurs – such as Nayib Bukele of El Salvador and Changpeng “CZ” Zhao from Canada – continue to push forward their visions for financial freedom without stopping.
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Why Does Bitcoin Differ From FTX?
Bitcoin has mainstreamed in El Salvador, thanks to Bukele. He explained why Bitcoin differs from FTX even after receiving backlash for buying BTC when markets crashed.
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
As President Bukele explained the inner workings of Bitcoin, FTX is the opposite of Bitcoin. An immutable peer-to-peer network is essential to achieving a trustless financial system, according to the Bitcoin white paper.
Read precisely: what is peer-to-peer electric cash system in brief
In addition, he pointed out that the Bitcoin protocol prevents people from committing financial crimes, but FTX CEO Sam Bankman-Fried and Bernie Madoff missed it.
A key point in his message in support of Bitcoin is a scarce asset to own, with a limited market capitalization of 21 million. The crypto community overwhelmingly reacted with “he gets it” replies.
Related: Securities regulators in the Bahamas freeze FTX assets
According to the United States Representative, Brad Sherman, ‘billionaire crypto bros’ are directly involved in campaign contributions, causing lawmaking delays.
According to Sherman, SBF funded $39.8 million for the midterm elections in 2022.