Sam Bankman-Fried Says The Crypto Winter Is Ending Soon
Crypto billionaire and Chief Executive Officer of FTX Exchange Sam Bankman-Fried says the present crypto winter is nearing its end. However, he added that the level of stability in the market will depend on the recovering world economy and regulation.
He was speaking during an interview on Axios Pro, saying the number of calls e gets from distressed businesses is waning, unlike in the first week of the crypto winter. Bankman-Fried stated that recovery could happen “remarkably fast” if there is a positive economic macro-environment.
FTX To Make Profits Despite Market’s Poor Performance
He also pointed out that as a lender of last resort, FTX is “willing to lose a little,” referring to the $70 million loan that could be lost in the Voyager Digital saga. FTX stated that the actual loan was about $500 million, and $70 million could be lost.
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Bankman-Fried stated that although the crypto market has not been favorable, he expects FTX to turn in profit every quarter this year. The firm registered an improved market share in the last few months. This has enabled the firm to register profits that are much in line with the levels last year. FTX has not added BTC to its treasury, although it could be considered when the price of the crypto asset falls in the range of $15,000.
FTX Sets To Expand Offerings In The US
FTX US is planning to expand its suite of financial products in the United States, with thousands of customers already on the waitlist. Last month, the firm acquired Embed Financial Technologies as part of its plans to expand its products. It also made a strategic investment in Investors Exchange (IEX).
Bankman-Fried has always believed that macroeconomic events have a major influence on the price movement of crypto assets. He has also insisted that the crypto industry needs more regulatory clarity, which will make institutions and consumers very comfortable working in the crypto space.
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