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‘FTX is the opposite of Bitcoin’ Says President Nayib Bukele

El-Salvador President stated that BTC was created to prevent illicit activities.Twitter user indicates how BTC is resilient in the challenging crypto industry.El-Salvador ranks...
‘FTX is the opposite of Bitcoin’ Says President Nayib Bukele © Reuters. ‘FTX is the opposite of Bitcoin’ Says President Nayib Bukele
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  • El-Salvador President stated that BTC was created to prevent illicit activities.
  • Twitter user indicates how BTC is resilient in the challenging crypto industry.
  • El-Salvador ranks top among countries vulnerable to debt default.

President of El-Salvador and a proponent of Bitcoin (BTC), Nayib Bukele stated on Twitter that FTX was the opposite of BTC. Moreover, Bukele precisely mentioned that BTC was created to prevent all illicit activities.

In the Twitter post, Bukele wrote:

Bitcoin’s protocol was created precisely to prevent Ponzi schemes, bank runs, Enron’s, WorldCom’s, Bernie Madoff’s, Sam Bankman-Fried’s

Furthermore, towards the end of the Twitter post, Bukele states that although some have understood that BTC was created to prevent fraud some haven’t understood this fact.

Intesteringly, a crypto user who was complementing Bukele’s idea shared a Twitter post. In the post, the user indicated certain incidents that happened in the crypto industry and how they affected the price of BTC.

From the infographics, it is evident that although BTC took a major hit during these calamities, it however was able to recover in quick succession.

Meanwhile one user commented to Bukele’s post:

Let’s go Nayib! Lots of gratitude for you bringing El Salvador in as the first country. Huge step for Bitcoin.

However, just after the completion of one year of adopting Bitcoin as a legal tender, El Salvador seems to be in dire straits.

The use of BTC in Salvador seems to be very low. Moreover, El Salvador’s debt-to-GDP ratio — a key metric used to compare what a country owes to what it generates — is expected to hit nearly 87% this year, which rises fears that the nation isn’t equipped to settle its loan obligations.

According to Bloomberg, El Salvador ranks at the top among the countries that are vulnerable to debt defaults.

The post ‘FTX is the opposite of Bitcoin’ Says President Nayib Bukele appeared first on Coin Edition.

See original on CoinEdition

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01-05-2024 10:45:17 (UTC+7)

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    EUR/USD 1.0658 ↑ Sell  
    GBP/USD 1.2475 ↑ Sell  
    USD/JPY 157.91 ↑ Buy  
    AUD/USD 0.6469 Neutral  
    USD/CAD 1.3780 ↑ Buy  
    EUR/JPY 168.32 ↑ Buy  
    EUR/CHF 0.9808 Neutral  
    Gold 2,295.80 ↑ Sell  
    Silver 26.677 ↑ Sell  
    Copper 4.5305 ↑ Buy  
    Crude Oil WTI 81.14 ↑ Sell  
    Brent Oil 85.62 ↑ Sell  
    Natural Gas 1.946 ↑ Sell  
    US Coffee C 213.73 ↑ Sell  
    Euro Stoxx 50 4,920.55 ↑ Sell  
    S&P 500 5,035.69 ↑ Sell  
    DAX 17,921.95 ↑ Sell  
    FTSE 100 8,144.13 Sell  
    Hang Seng 17,763.03 ↑ Sell  
    Small Cap 2000 1,973.05 ↑ Sell  
    IBEX 35 10,854.40 Neutral  
    BASF 49.155 ↑ Sell  
    Bayer 27.35 ↑ Sell  
    Allianz 266.60 ↑ Sell  
    Adidas 226.40 ↑ Sell  
    Lufthansa 6.714 Neutral  
    Siemens AG 175.90 ↑ Sell  
    Deutsche Bank AG 15.010 Neutral  
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