Salvadoran president is the latest to express confidence in crypto amid FTX crash

Bukele led El Salvador’s transition from fiat to crypto.
The Salvadoran economy is struggling however Bukele is confident about BTC.
Popular pro-crypto personalities are urging everyone to maintain faith in crypto.

Popular members of the community hopeful and confident in crypto

2022 has been a tumultuous year for the cryptocurrency and Blockchain industry, so far. Multiple mining companies shut down due to high operational costs; cryptos that had heavy retail investment collapsed overnight and finally, one of the biggest crypto exchanges filed for bankruptcy amid a bank run triggered by information of unethical practices.

If this is crypto winter, it is hard to imagine that a winter as cold would ever be experienced in the future. However, the crypto community is ambitious and resilient. Several members including the president of El Salvador, Binance CEO Chengpeng Zhao and Billionaire and crypto whale Michael Saylor have expressed confidence in the concept of crypto and believe that the markets will show positive signs eventually.

Bukele believes Bitcoin is the opposite of FTX

FTX, which was one of the largest cryptocurrency exchange until November 11 when it filed for chapter 11 bankruptcy proceedings invigorates crypto skeptics and uncertainty has never been worse before.

El Salvador was in the center of global media attention when it announced that Bitcoin would be used as legal tender in 2021. The move was aimed at spurring foreign investment and cashing in on the crypto revolution. After all, crypto is not just a replacement for digital payments, it is believed to be much more.

Bukele tweeted that Bitcoin’s protocol was designed to prevent such frauds and other crimes. He added that many are yet to understand the innovation and that it is still too early since its creation. Several twitter users agreed with the young president.

Earlier, Microstrategy Executive Chairman Michael Saylor who counts among the largest BTC whales (whales are those own over 1000 BTC) reassured in CNBC interview that Bitcoin will ride out the storm.

The billionaire urged people to look at the bright side of the FTX crisis. He argued that the exchange’s collapse and the exposed frauds would catalyze the process of designing crypto regulations. He added that transparency underpinned Bitcoin’s design and FTX lacked that.

Bitcoin is the largest cryptocurrency by market capitalization and is the poster child of cryptocurrencies. It is considered to be digital gold because of the limited supply. However, mining costs are rising due to rising energy prices and rapidly increasing hashprices.

The coin saw a major dip during the midterm elections, but is expected to rise soon. BTC price fall was largely unsurprising and called “The Dip.” It’s price might cross the $69,000 mark after the next halving event (2024) if history repeats itself.