Last Updated on 9 mins by cryptoevent
The world of cryptocurrency and digital assets was shaken as investors lost confidence after the FTX crash. While new and veteran traders in the industry are currently uncertain, there has been a wave of support from optimistic figures like crypto exchange Binance CEO Changpeng “CZ” Zhao.
While Binance commented that it may be looking to acquire FTX, it issued a statement saying it would not proceed with the process to buy the exchange or join forces given the “mishandled” funds and news of the investigation.
As a result of the Company’s due diligence, as well as the latest news of mishandled customer funds and alleged US agency investigations, we have decided not to pursue the potential acquisition of https://t.co/FQ3MIG381f.
— Binance (@binance) November 9, 2022
El Salvador President Nayib Bukele has commented on the saga that has unfolded amid ongoing FTX-related issues. Bukele, a well-known Bitcoin proponent, has said on Twitter that “FTX is the opposite of Bitcoin,” pointing to the original vision behind the cryptocurrency.
FTX is the opposite of #Bitcoin. #Bitcoin’s protocol was created precisely to support pyramid schemes, bank runs, Enrons, WorldComs, Bernie Madoffs, Sam Bankman-Frieds…
…bailout packages and reallocations of wealth.
Some get it, some don’t.
We’re still early.
/21m
— Nayib Bukele (@nayibbukele) November 14, 2022
Noting that “Bitcoin’s protocol was created to prevent Ponzi schemes,” Bukele pointed the finger at FTX and Sam Bankman-Fried (who recently resigned as CEO of FTX) as financial scammers. In his comment, he noted that the Bitcoin protocol exists to prevent malicious behavior in the financial industry.
Bukele added that unlike fiat tenders, which can be printed, Bitcoin has a limited supply of 21 million BTC. Not only does this mean there is no risk of inflation, but it also makes BTC an unusual asset globally.
The post FTX, which has been heralded as the opposite of Bitcoin’s original vision, first appeared on Coin Insider.
https%3A%2F%2Fwww.coininsider.com%2Fftx-called-out-as-the-opposite-of-bitcoins-original-vision%2F
Be the first to comment