El Salvador President Nayib Bukele: Crypto exchange FTX is the opposite of bitcoin

Salvadoran President Nayib Bukele, who was famous for his recent efforts in making bitcoin ( BTC-USD ) widely adopted within El Salvador, has taken the collapse of cryptocurrency exchange FTX as an opportunity to defend bitcoin. "FTX is the opposite of #Bitcoin," Bukele wrote in a recent Twitter post . "#Bitcoin’s protocol was created precisely to prevent Ponzi schemes, bank runs, Enron’s, WorldCom’s, Bernie Madoff’s, Sam Bankman-Fried’s bailouts and wealth reassignments. Some understand it, some not yet. We’re still early." But with bitcoin ( BTC-USD ) off some 75% from its November 2021 peak of $68.9K, El Salvador, the first country to make BTC legal tender, is undergoing deep paper losses. As of the beginning of July, the Central American country's BTC portfolio was valued at $46.6M compared with a total investment of nearly $104M. Since then, though, the price of bitcoin ( BTC-USD ) has dropped over 17% , adding even more downward pressure to El Salvador's holdings of the digital token. Nevertheless, Bukele appears unbothered by the bearish price action as he continues to tout bitcoin's long-term prospects. Previously, (Sept. 16) El Salvador debt rating cut again at Fitch .