Sam Bankman-Fried can predict that the situation is going to get better. Amid the continuing crypto winter, which has seen Voyager Digital and Three Arrows Capital file for bankruptcy and BlockFi and Celsius face financial difficulties, the FTX CEO feels the worst of the currency crisis is gone, and he revealed that to Reuters on Wednesday.
Nonetheless, Bankman-Fried stated that his cryptocurrency does have “a few billion” in reserves that might be used to help other blockchain firms in serious debt.
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Other cryptocurrency businesses have contacted him, he claimed, adding that most of the lesser exchanges may yet collapse and go bankrupt. However, no names were mentioned.
Bailout funds and monetary help are critical for the industry’s overall health and sustainability, according to the crypto millionaire.
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The collapse of just one company may cause ripples throughout the industry, as the Terra Luna disaster did for Three Arrows Capital, whose eventual insolvency devastated Voyager Digital. Bankman-Fried really doesn’t wish for people to abandon faith in the situation of financial uncertainty.
Bankman-Fried feels that cryptocurrency values are approaching or at a low in the short future, but that wider economic concerns will remain to influence the field.
But how far is he willing to go to make his statement right?
Traders have deserted the cryptocurrency businesses as the Federal Reserve of the United States has begun aggressively raising interest rates to battle inflation.
The “crypto winter” is the drop in exchange rates that may have fallen, as prices have steadied, but it will mostly rely on the macroeconomic situation.
Bankman-Fried made his debut in the industry at quantitative investment firm Jane Street, then launched cryptocurrency exchange business Alameda Research before launching FTX in 2019, which was assessed at $32 billion in January.
He has stated that he intends to give away 99 percent of his fortune and that he may invest up to $100 million in electing people in the 2024 electoral cycle, with an emphasis on themes such as pandemic preparedness and bipartisanship.
He maintains that he does not believe it poses an existential danger to the business, but that it is far worse than he expected.
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