President Bukele of El Salvador: ‘We are still there early’

Last Updated: 15 November 2022

Satoshi Nakamoto developed Bitcoin as a response to the growing power of centralised entities within the financial system. In that respect, it is ironic that the same kind of parties have managed to usurp that power within the bitcoin ecosystem as well. However, the FTX fiasco may well change that.

FTX is the opposite of bitcoin

President Nayib Bukele of El Salvador makes a statement on Twitter about the collapse of the major FTX trading platform. “FTX is the opposite of Bitcoin. The Bitcoin protocol is designed to prevent pyramid schemes, bank runs, Enron’s, WorldCom’s, Bernie Madoff’s, Sam Bankman-Fried’s, bailouts and asset stripping,” Bukele begins his account.

Unfortunately, some people seem to have forgotten that. “Some people understand it, but some also don’t yet,” Bukele continued. It is hoped that this will make people realise what Bitcoin is really about and take ownership of their bitcoin.

“We are still early. 🌎/21m,” Bukele concluded his story on Twitter. Indicating that so many people still do not understand bitcoin and that there is still a lot to gain in terms of price in that regard. Let’s hope he is right, but at least it looks like he is betting double on bitcoin’s success.

All bitcoiners are shouting the same thing

If the FTX scandal gives us one thing, it is a massive call for people to send their bitcoin to their own wallets. The drama at the fallen exchange teaches us that even the biggest parties cannot be trusted (for now).

Only when they are fully transparent about bitcoin reserves and also provide insight into outstanding debts is it possible to assess the solvency of an exchange. In this sense, it is to be hoped that some big boys will set a good example and lead the way here.

Proof-of-Reserves seems to be coming, but that is half the battle. First, that Proof-of-Reserves needs to run almost continuously and, second, exchanges need to share their continued financial health with the market. Only then can the industry regain the confidence of the general public.

Author

  • Ivan came across the topic of cryptocurrencies in early 2016 and, as an author and enthusiast, has been intensively involved with the topics of cryptocurrencies, blockchain and STOs ever since.

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