El Salvador President Nayib Bukele Calls SBF A Fraud And Different Bitcoins From FTX

Nayib Bukele's meme in dollars. (photo: twitter @stacyherbert)

JAKARTA - The shockwave around the bankruptcy boom FTX is felt globally as it seriously undermines the confidence of crypto-world investors. However, experienced crypto entrepreneurs and advocates, including Changpeng CZ Zhao and El Salvador President Nayib Bukele, continue to see through the fog while pushing their vision for financial freedom.

Bukele is the man behind Bitcoin's adoption as a mainstream currency in El Salvador. Despite the reaction he received earlier to buy BTC as the market crashed, Bukele cited the recent FTX collapse as explaining why Bitcoin is different.

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, said President Bukele when explaining how the Bitcoin protocol works. Bitcoin's white paper highlights the importance of an irreversible peer-to-peer network in achieving a trustless financial system.

Bukele called FTX CEO Sam Bankman-Fried and other financial con artists, including Bernie Madoff, while showing that Bitcoin protocol prevents criminals from financial error.

Some understand, some haven't. We're still early," Bukele was quoted as saying by Cointelegraph.

In addition, his message in support of Bitcoin reaffirms that Bitcoin has a limited market cap of 21 million, making it a truly rare global asset to own. The crypto community reacted strongly with a "he understands" reply.

United States representative Brad Sherman recently blamed the "billionaire crypto bros" for the delay in the law alleging their direct involvement in campaign contributions.

"I believe it is now more important than ever that the SEC is taking firm action to end a gray region of regulation where the crypto industry has been operating," the senator added.

Sherman' statement related to the injection of SBF funds amounting to 39.8 million US dollars (Rp 615.8 billion) in the previous 2022 US part-time elections.