Home » El Salvador’s Bukele Says FTX Is ‘the Opposite of Bitcoin’

El Salvador’s Bukele Says FTX Is ‘the Opposite of Bitcoin’

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Source: Igor Faun/Adobe

president El Salvador, Nayib Bukele called FTX “against” of Bitcoin (BTC). And the leader equates exchange chief Sam Bankman Freed with notorious financial criminals like Charles Ponzi and Bernie Madoff.

Bukele has been relatively quiet about all things Bitcoin-related in recent months – the value of his country’s BTC investment has plummeted along with market prices.

However, like many so-called Bitcoin maximalists, Bukele believes that cryptocurrencies and Bitcoin are not the same thing.

In a tweet, he wrote that Bitcoin was “too early” and opined that “FTX is the opposite of Bitcoin.”

But Bukele has no shortage of critics on Bitcoin issues.Around infoflyeconomist Ricardo Castaneda of the Central American Institute of Fiscal Studies (ICEFI) argued that there is currently “a strong sense of distrust among the public.” [Salvadoran] Population on BTC related issues”.

The paper pointed to a study published in October by the University of Central America (UCA). According to the survey, 77% of Salvadorans believe that BTC adoption is “not profitable at all”.

Bukele’s Bitcoin Record Called Into Question

Castaneda, Bukele’s outspoken critic And BTC called the Bitcoin Law of 2021 “an economic disaster for El Salvador.” He said government officials have “done everything possible” to encourage the general public to use BTC, but with limited or no success.

Since Bukele began buying BTC for the country on Sept. 6, 2021, these coins have “lost 67% of their value,” he added.

Economists said the total amount spent on BTC in the last 12 months is roughly equal to the annual budget of the Salvadoran Ministry of Agriculture.

This is particularly relevant in “a country where half the population suffers from food insecurity,” Castaneda said.

Reports of low BTC penetration in El Salvador may be true, but Bukele has repeatedly urged his Twitter followers to show patience with Bitcoin-related issues.

The president, largely because of him, is a controversial figure in the international community. Rapidly Deteriorating Relations with Washingtoneven as Organizations such as the World Bank and the IMF.

But he claims there is still a high level of support from the general public, which he says is behind his economic plans for El Salvador. is 86%.

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