El Salvador president Bukele says BTC is opposite of FTX
Bukele used the recent crash of FTX to show how Bitcoin is different from other market crashes, even though he had been criticized for buying Bitcoin when the market was going down. The News Spy (official App) is an excellent tool for trading and investing.
People worldwide felt the shock wave when the FTX building blew up. This was a big blow to the faith of investors. Still, crypto entrepreneurs and supporters with a lot of experience, like Changpeng “CZ” Zhao and Nayib Bukele, the President of El Salvador, keep seeing through the fog and moving toward their goal of financial independence.
Some people say that the main reason Bitcoin (BTC) became so popular in El Salvador is because of Bukele. Bukele used the recent crash of FTX to show how Bitcoin is different from other market crashes, even though he had been criticized for buying Bitcoin when the market was going down. When President Bukele said, “FTX is the exact opposite of Bitcoin,” he was talking about how the Bitcoin protocol works. In the Bitcoin white paper, there is a lot of talk about how important an unchangeable peer-to-peer network is for making a financial system that doesn’t rely on trust.
Bukele pointed the finger at FTX CEO Sam Bankman-Fried and other con artists in the financial world, like Bernie Madoff. At the same time, he said that these evil people couldn’t steal money because of how Bitcoin works.”Some people understand, but others don’t.
Representative Brad Sherman of the United States recently said that “billionaire crypto bros” were to blame for why laws took so long to pass. He said that these people were giving money to campaigns in a direct way.Sherman talks about how the SBF gave the Democratic Party in the US $39.8 million for the midterm elections in 2022.
Some of how BTC and FTX are different from each other
- It is possible that FTX did not have any Bitcoin
In response to the shocking drop of FTX, traders took their bitcoin out of exchanges that held it for them. On November 17, the total amount of Bitcoin held by all exchanges fell to 2.07 million BTC. At the beginning of the month, it was 2.29 million BTC, which is a significant drop.
In the last week, people took out almost $1.5 billion worth of Bitcoin from US-based exchanges. This was the most money ever sent from one country to another.
On November 9, FTX stopped letting its customers take Bitcoin and other cryptocurrencies out of their accounts. People started to think that the exchange needed more cryptocurrency to meet demand.
Even more evidence of this is that FTX’s financial sheet got out, which showed that the exchange didn’t have any Bitcoin but owed $1.4 billion in BTC. People with small amounts of money could trade Bitcoin because of FTX.
Jan Wüstenfeld, an independent market analyst, says, “On the one hand, this is bad for you because you won’t know if they’ve been swimming naked until the exchange crashes, and you lose all your money.” “This is bad for you because you won’t know if they went swimming naked until the deal falls through
People can no longer put their money on exchanges that aren’t safe because of what happened. Instead, they have to keep track of their cryptocurrency, which is expected to make a new generation of Bitcoin holders. Even though this means there are fewer coins to sell, there are still fewer BTC on exchanges as a whole.
- Sam Bankman-Fried thought people shouldn’t use bitcoin.
Sam Bankman-Fried, who started FTX and SBF, gave almost as much money to the Democratic Party during the midterm elections as George Soros did. He shared about $45 million to support rules for crypto that he thought would help his business.
But many people think that SBF tried to stop Bitcoin from growing by talking to US Congress members and writing news stories that downplayed Bitcoin’s usefulness as a payment system.
