Sam Bankman-Fried, the founder of FTX, talked about his views on the trend of the crypto market. He believes that institutions are still entering the crypto field.
Original title: ” How Yahoo Finance Interviewed SBF to See Bitcoin’s Future Development: Institutional Funds Are Slowly Flowing into the Market “
Written by: Zack Guzman
Compilation: 0x13
Recently, Yahoo Finance interviewed Sam Bankman-Fried, the founder of FTX, a 29-year-old crypto trading platform, and asked him to express his views on the current development trend of the crypto market. SBF is still optimistic about the future development of the market. He believes that institutions are still entering the encryption field, but the process will be very long and cautious.
The following is a translation of Yahoo Finance’s article:
If anyone can understand the essence of cryptocurrency, the 29-year-old founder of crypto platform FTX and billionaire Sam Bankman-Fried must be one of them.
He not only relied on his leading position in the crypto trend, but also accumulated a deep personal net worth. Through various ways of cooperation, FTX has become one of the fastest-growing encryption platforms.
These include the first crypto company in history to lock the naming rights of the Miami Heat Stadium through cooperation with the American NBA team; and through a $210 million transaction, the e-sports team TSM was renamed “TSM FTX”; now FTX has signed another brand agreement with Major League Baseball to provide referees with referee uniforms embroidered with FTX letters in the upcoming season.
These transactions all serve the same purpose: to allow users to continue trading trends in the crypto market, while SBF believes that customers will insist on using FTX instead of other products.
“In the next few months, if there is no big news or something, I will be surprised.” He said in a recent Yahoo Finance live interview. Although the price of Bitcoin has fallen by nearly 50% since it hit a record high in April, SBF is very confident that the crypto market will rebound. Part of the reason is that he expects more institutional funds to flow into the Bitcoin market and less speculative investment. .
“Institutional funds are still planning to flow in. It will be months, years, you know, these are slow-moving, cautious institutions, and they are making 10-year-long decisions on how to handle their business. “He said.
In addition, Bankman-Fried stated that he believes that it is unlikely to use borrowed funds or margin for higher-risk transactions, unlike the situation seen during the market sell-off in May.
“The potential impact of these factors is much smaller now. The open interest rate has dropped a lot, and many people who can be liquidated have indeed been liquidated. The bubble in the market is much smaller. Although it is not a bullish sentiment, But this is a signal that people are no longer holding net risk long positions.”
Having said that, the speed at which various financial institutions adopt encryption technology may have been affected to some extent, which may delay the inflow of more funds. As another billionaire, Galaxy Digital CEO Mike Novogratz mentioned earlier this month, financial institutions will play a key role in continuing this upward trend.
“You will need institutions because they have all the money.” Mike Novogratz said.
As Bankman-Fried joked, in addition to a surge in institutional adoption or a possible tweet by Elon Musk, other catalysts that may push up Bitcoin include El Salvador’s adoption of Bitcoin. Fiat currency, or potential regulation surrounding certain gray areas of encryption.
Source link: www.theblockbeats.com
Disclaimer: As a blockchain information platform, the articles published on this site only represent the author’s personal views, and have nothing to do with the position of ChainNews. The information, opinions, etc. in the article are for reference only, and are not intended as or regarded as actual investment advice.
