Sam Bankman-Fried Optimistic of Present Crypto Winter
  • The CEO has no preference for whatever government agency oversaw the sector.
  • Some of the rescue investments were successful, according to Bankman-Fried.

FTX CEO Sam Bankman-Fried has said that the crypto winter might have been considerably worse in terms of asset values. The sector, according to the billionaire investor, requires reasonable regulation and it doesn’t much matter who does the regulating. Also, he detailed his business’s string of crypto investment deals. Some of the rescue investments were successful, according to Bankman-Fried, while others fell short.

Even though Bitcoin’s price dropped below $20,000 to start the week, the CEO of FTX doesn’t think things are all that dire. Bankman-Fried, in an interview with Bloomberg, warned that the Bitcoin price drop might have been much worse. The investor said that he had no concerns about the eventual collapse of the sector. A billion dollars were invested in a crypto bailout, and the outcomes have been “mixed,” he said.

Push For Regulation

The chief executive officer reaffirmed that the investment was provided to assist cryptocurrency businesses and not to increase profits. According to the wealthy investor, he is actively trying to convince lawmakers in Washington to promote the cryptocurrency industry. He said that it didn’t matter much that there was confusion about which agency would have authority over crypto activities. He also said that he had no preference for whatever government agency oversaw the sector, noting that either the SEC or the CFTC would suffice.

Bitcoin, meanwhile, has been trending upwards in the previous several hours after briefly falling below the $20,000 mark. According to CMC, the Bitcoin price today is $20,104.88 USD with a 24-hour trading volume of $34,504,523,751 USD. Bitcoin is up 0.80% in the last 24 hours.

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