The shock wave around the FTX explosion was felt globally as it severely undermined investor confidence. However, seasoned crypto entrepreneurs and backers — including Changpeng “CZ” Zhao and Salvadoran President Nayib Bukele — continue to see fog as they push forward their vision of financial freedom.
Bukele was the man behind Bitcoin
Mainstream adoption in El Salvador. Despite the backlash he previously received for buying BTC as the markets crashed, Bukele cited the recent FTX crash to explain why Bitcoin is different.
“FTX is the opposite of Bitcoin,” said President Bukele while explaining the inner workings of the Bitcoin protocol. The Bitcoin White Paper highlights the importance of an immutable peer-to-peer network in achieving a trustless financial system.
An excerpt from the Bitcoin white paper. Source: bitcoin.org
Bukele called out FTX CEO Sam Bankman-Fried and other financial fraudsters, including Bernie Madoff, while noting that the Bitcoin protocol prevents such bad actors from committing financial wrongdoing, adding the following:
“Some get it, some don’t yet. It’s still early days.”
Moreover, his Bitcoin support message reiterated that Bitcoin has a finite market cap of 21 million, making it a truly rare global asset to own. The crypto community has overwhelmingly reacted with “he gets it” responses.
Related: Bitcoin Will Ignore FTX’s ‘Black Swan’ Just Like Mt. Gox
US Representative Brad Sherman recently blamed the “Billionaire Crypto Brothers” for delays in legislation alleging their direct involvement in campaign contributions.
“I believe it is more important now than ever that the SEC take decisive action to end the regulatory gray area in which the crypto industry operates,” the senator added.
Sherman’s remarks relate to the SBF’s $39.8 million injection into the pre-2022 US midterm elections.