So many opinions have been voiced since the implosion of the FTX cryptocurrency exchange, Nayib Bukele President of El Salvador has attempted to draw a line between FTX and the world’s largest cryptocurrency by trading volume Bitcoin (BTC). In his opinion, FTX is the opposite of BTC while FTX is also likened to a Ponzi Scheme.
“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,” Bukele tweeted
While the FTX crash has sent a series of shock across the industry and has left many investors daunted, other crypto industry heavyweights like Binance exchange Chief Executive Officer (CEO) Changpeng Zhao and the El Salvadoran president has not failed to see through the situation while still advancing towards financial freedom.
Nayib Bukele Retains Stance on BTC
Not deterred by the criticism and backlash which he received previously for buying BTC while markets fell, Nayib Bukele did not fail to give volume to his strong opinion.
He further emphasized that the limited market cap of BTC which is 21 million makes the digital asset a big deal especially, as an asset that a person can own. In reaction to his assessment, many community members have replied in agreement saying “he gets it.”
Meanwhile, Bukele is the driving force behind the mass adoption of BTC in El Salvador. Recently, Changpeng Zhao announced that El Salvador does not keep its BTC holdings in FTX.
Emphatically, Binance CEO reaffirmed that El Salvador has never had any business with SBF’s trading ventures. Mike Novogratz, CEO of Galaxy Digital who initially fanned the issue into flame later issued an apology and appreciated CZ for stating the truth of the situation.
FTX, it has been under a lot of pressure lately from regulators and other crypto industry juggernauts.
The Royal Bahamas Police Force together with the Securities Commission of the Bahamas (SCB) launched an investigation into possible criminal misconduct of the troubled FTX. The United States Securities and Exchange Commission (SEC) and the Commodity Future Trading Commission (CFTC) is also looking into the liquidity crunch of FTX.
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