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:
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:
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.
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Source: Cryptocurrency - investing.com
