El Salvador’s President Nayib Bukele Praises Bitcoin Not A Ponzi Like FTX

Following the collapse of the exchange, El Salvador’s President Nayib Bukele turned to Twitter to declare the Bitcoin protocol to be the antithesis of FTX and compare FTX to a Ponzi scheme.

Bukele, a fervent supporter and believer in Bitcoin, claimed that the leading cryptocurrency was made to stop Ponzi schemes, bank runs, and financial system fraud.

Unlike a Ponzi scheme, where investment funds are hidden in secrecy, the Bitcoin blockchain is an open-source protocol that allows any transaction to be verified by the general public, according to Bukele.

False reports that Bukele had stored the nation’s cryptocurrency holdings on the defunct FTX were widely circulated last week. Still, they were promptly refuted by Binance CEO Changpeng Zhao via a tweet on November 11.

Bukele made Bitcoin the country’s legal tender, but the amount he and his government spent on buying binges using tax dollars was never made public.

At the time of writing, BTC is trading at $16,623.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News