Nayib Bukele, president of El Salvador, has said that Bitcoin was created to avoid financial pyramids and banking panics.
He has written:
"FTX is the opposite of Bitcoin. 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."
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The president of El Salvador advised in June not to worry about the falling price of BTC. Then, when its price sank below $23,000, the "paper" losses of the country, which has reserves of 2,301 BTC, exceeded $46.1 million. On June 30, the authorities bought an additional 80 BTC amid the cryptocurrency's falling price.
In late July, El Salvador's Finance Minister Alejandro Zelaya said the introduction of BTC has expanded access to financial services to a largely unbanked population and attracted tourists and investment.
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