### President Nayib Bukele of El Salvador considers FTX as the “Opposite of Bitcoin.” We could not agree more.

El Salvador has the distinction of being the first country to make bitcoin [legal tender](https://www.nber.org/digest/202207/el-salvadors-experiment-bitcoin-legal-tender#:~:text=In%%2020September%202021%2C%20El,download%20a%20special%20cryptocurrency%20app). 

In September 2021, El Salvador became the first country to make bitcoin legal tender, requiring all businesses to accept the cryptocurrency. In an attempt to popularize and regularize its use, the government gave citizens financial incentives to download a special cryptocurrency app.” 

The experiment started during the bull market, with much excitement and huge plans. One plan is the now cancelled issuance of bitcoin bonds. Since the adoption of bitcoin as legal tender, many have criticized President Nayib Bukele, the President of El Salvador with some even calling his experiment a failure. We disagree with calling his experiment a failure. 

The adoption, development and growth of bitcoin is continuing, even as there is still no clear end in sight to the crypto winter. The experiment is by no means concluded. We are glad to hear the President Nayib Bukele is still in high spirits! 

Bitcoin Magazine shared the quotes via twitter: 

<blockquote className="twitter-tweet" data-theme="dark"><p lang="en" dir="ltr">JUST IN - 🇸🇻 El Salvador President: “FTX is the opposite of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>” <br/><br/>“<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>’s protocol was created precisely to prevent Ponzi schemes”</p>&mdash; Bitcoin Magazine (@BitcoinMagazine) <a href="https://twitter.com/BitcoinMagazine/status/1591952608956403713?ref_src=twsrc%5Etfw">November 14, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

We take the position that bitcoin fixes the problems brought by FTX. Here’s four simple reasons: 

1. FTX was a centralized institution that was trusted to handle funds. Bitcoin is peer to peer, so there is no central institution to transfer funds into, for the sake of facilitating transactions. 
2. FTX, as a centralized institution, was corrupted. Bitcoin can be self-custodied, so there is no need to use any central institution (that can be corrupted), to transact with bitcoin. 
3. FTX appears to have been controlled by a very small group of individuals, who were either corrupt or incompetent. Bitcoin is decentralized so there can be no single individual or small set of individuals who can make trades or decisions that will compromise the health of the entire ecosystem. 
4. FTX brought the problems of traditional finance to crypto. Bitcoin was designed to fix the problems of traditional finance, and can also fix the problems we encountered with FTX. 

Bitcoin is as good as ever and selling at very attractive prices. We continue DCA and encourage others to study the method, but act on your own research and not what others advise.

President Nayib Bukele of El Salvador considers FTX as the “Opposite of Bitcoin.” We could not agree more.

Mon Nov 14 2022

FTX is the Opposite of Bitcoin - El Salvador President

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Mon Nov 14 2022 FTX is the Opposite of Bitcoin - El Salvador President

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Mon Nov 14 2022

FTX is the Opposite of Bitcoin - El Salvador President