The shock wave across the FTX explosion was felt globally because it severely fractured investor confidence. Nevertheless, seasoned crypto entrepreneurs and supporters — together with Changpeng “CZ” Zhao and Salvadoran President Nayib Bukele — proceed to see by means of the fog whereas pushing ahead their imaginative and prescient for monetary freedom.
Bukele was the person behind Bitcoin’s (BTC) mainstream adoption in El Salvador. Regardless of the backlash he beforehand acquired for buying BTC as markets crashed, Bukele cited the latest FTX collapse to elucidate why Bitcoin is totally different.
FTX is the alternative of #Bitcoin #Bitcoin ’s protocol was created exactly to stop Ponzi schemes, financial institution runs, Enron’s, WorldCom’s, Bernie Madoff’s, Sam Bankman-Fried’s…
…bailouts and wealth reassignments.
Some perceive it, some not but.
We’re nonetheless early.
/21m
— Nayib Bukele (@nayibbukele) November 14, 2022
“FTX is the alternative of Bitcoin,” mentioned President Bukele whereas explaining the inside workings of the Bitcoin protocol. The Bitcoin white paper highlights the significance of an immutable peer-to-peer community in attaining a trustless monetary system.
An excerpt from the Bitcoin white paper. Supply: bitcoin.org
Bukele known as out FTX CEO Sam Bankman-Fried and different monetary fraudsters, together with Bernie Madoff, whereas mentioning that the Bitcoin protocol prevents such dangerous actors from monetary wrongdoings, including that:
“Some perceive it, some not but. We’re nonetheless early.”
Furthermore, his message supporting Bitcoin reiterated that Bitcoin has a restricted market capitalization of 21 million, making it a very uncommon world asset to personal. The crypto neighborhood overwhelmingly reacted with “he will get it” replies.
Associated: Bitcoin will shrug off FTX ‘black swan’ identical to Mt. Gox — evaluation
United States Consultant Brad Sherman just lately blamed “billionaire crypto bros” for the delays in laws alleging their direct involvement in marketing campaign contributions.
“I imagine it is vital now greater than ever that the SEC take decisive motion to place an finish to the regulatory grey space wherein the crypto trade has operated,” the senator added.
Sherman’s remarks relate to SBF’s $39.8 million fund infusion within the earlier 2022 U.S. midterm elections.
