The head of the popular crypto exchange FTX, Sam Bankman-Fried (commonly known as SBF), believes that we have already passed the most difficult part of the current crypto winter.
However, he warns, if the Nasdaq index falls by 25%, interest rates continue to rise, and the economy enters a recession for 2.5 years, then the price of Bitcoin (BTC) in the range of $10-$15 thousand may become a harsh reality. In this case, it is possible that further worsening of the situation in the crypto market.
Bankman-Fried sees light at the end of the tunnel
According to SBF, there are still some residual shocks ahead for the crypto market, but they will be pretty manageable. By the way, easiest way to manage your crypto wallets is obviously use the help, so just go for a biticodes registration
He declined to make predictions about Ethereum but expressed cautious optimism about Bitcoin. Bankman-Fried believes that in the conditions of increased regulatory clarity and recovery of the price, the BTC rate can go to new highs, although he considers the $100,000 mark too far.
In addition, in his opinion, this crypto winter was necessary in order to weed out of the market reckless investors who are not able to thoughtfully assess the real value of assets. Bankman-Fried emphasized that such baseless judgments are applicable only in periods of market euphoria.
The FTX exchange, led by SBF, is successfully surviving the current crypto winter, which has already managed to hit a number of crypto projects such as Voyager Digital, Celsius, Babel Finance, and Three Arrows Capital.
Meanwhile, news on FTX continues to be bullish. Recently, Benkman-Fried had to deny rumors that his company was planning to buy the brokerage Robinhood. Later, the media reported that FTX was studying the possibility of a takeover of South Korean competitor Bithumb.
It is necessary to help
In addition, Bankman-Fried has already repeatedly declared his readiness to pour money into crypto companies that are in a difficult financial situation. He believes that such actions will help protect consumers’ money and prevent a “domino effect” from spreading in the industry. Against this background, some have even begun to compare FTX with JPMorgan Chase, which played the role of lender of last resort during the 2008 financial crisis. You can see the reports here: DEX aggregator
Such good deeds of FTX and SBF include the extension of a $400 million credit line for BlockFi, the purchase of 7.6% of Robinhood’s shares in May, as well as the issuance of a $200 million and 15,000 BTC loan to Voyager Digital (which, however, did not save the company from bankruptcy.
Bankman-Fried believes that the lack of trust between partner companies increases the cost of doing business.