FTX CEO Sam Bankman-Fried Bullish On Crypto: It’s Coming Back!

FTX CEO Sam Bankman-Fried Bullish On Crypto: It’s Coming Back!

With the bear market still going on in the market, we have seen Bitcoin go from $48,000 to now around $20,000. However, this still gives the CEO and Co-Founder of  FTX, one of the biggest crypto exchange in the world, to be still bullish and optimistic for the future of crypto.

Crypto Is Coming Back According to SBF

In an interview with Bloomberg, Bankman-Fried said that crypto is coming back and he did not get nervous even when Bitcoin his it’s lows this year.

“I think it’s coming back. Add obviously a lot of this is just gonna have to hit the macro environment. If we see markets crash again we’re going to see crypto crash along with it. If we see a market recovery we’re going to see crypto recovery along with it.”, said SBF.

And he also believes that the bear market right now helps in clearing out a lot of the negative and bad things that are in crypto.

“But I think this is you know it’s flushed out a lot of things that needed be flushed out from the crypto space anyway. 

But Bankman-Fried did acknowledge that due to the crypto crash, many business has suffered and if it continue to fall it will be a painful period for the industry. If Bitcoin does go down to $10,000, it could lead to more medium to long term problems.

The JP Morgan of Crypto

During the bear market in crypto, Sam Bankman-Fried has been called the JP Morgan of Crypto due to him bailing out many other crypto companies in trouble.

He felt that during is hard times, bailing out these companies felt like the right thing to do. His goal was not to make a profit on these deals but to help out the industry.

“It doesn’t bother me too much I mean I think it’s something I felt was the right thing for the industry and you know are very explicit mandate that we sort of gave the team of people working of this was your goal is not to make a fortune for us doing this like you goal is to do okay deals. Your goal is for us to not get our faces ripped off. But contingent on that you do as much as we can’t bail out the indsutry and that was the higher goal was trying to backstop places rather than maximizing on these deals.”

He bailed out many companies for a total of around $1 Billion dollars as the bear market affects these companies. SBF did point out about the bailout to crypto lender Voyager Digital Ltd. as one that will not be profitable.

“Mixed is basically the answer. I think some are gonna turn out to be profitable some won’t be like one of them certainly. I mean with Voyager I think you know there’s 70 million dollars there that we put into it. I’m not sure ever seeing that 70 million again.”

The crypto trading firm that SBF founded, Alameda Research offered almost $500 million dollars loan to Voyager but was not enough to save the company from bankruptcy.

Even though some companies won’t be profitable, he did say that they already did the research on how much they could afford to lose in these deals.

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