The investor believes that the industry needs reasonable regulation and that it doesn’t matter who regulates it. He also talked about the series of investments his companies have made in crypto companies. Bankman-Fried said some of the bailout investments were successful, while others fell short of expectations.
Sam Bankman-Fried and the “Crypto Winter”
As the price of bitcoin once again fell below $20,000 to start the week, the CEO of FTX believes that the situation is not too bad. In an interview with Bloomberg, Sam Bankman-Fried said things could have been worse when it comes to bitcoin price. The investor said he was not worried the sector would implode anytime soon. He called it “mixed” the results of the billion-dollar investments in the rescue of the cryptocurrency.
The CEO reiterated that the funding was offered with the intention of supporting crypto businesses and not maximizing transactions.
“I think some were going to be profitable, some weren’t. We had to make quick decisions. The support was fueled in part by FTX’s profitability and fundraising, and was ultimately intended to support companies in the industry.”
Lobbying for the adoption of cryptocurrencies
The investor said he is actively lobbying Congress in Washington for support for the crypto ecosystem. Asked about the lack of clarity as to which regulator could oversee cryptocurrency operations, he replied that it didn’t matter much. He added that he would agree to it being the Securities and Exchange Commission or the Commodity Futures Trading Commission which regulates the sector.
“What we tried to do last year was to get the industry to accept reasonable regulation. I believe tensions have eased somewhat between regulators and digital currency companies.”
At the same time, bitcoin has rallied in recent hours, falling below the $20,000 mark. As of this writing, BTC is trading at $20,323.90, up 0.13% in the past 24 hours, according to CoinMarketCap.
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