The co-founder of FTX crypto exchange, Sam Bankman-Fried has been garnering increased public attention, with his ventures growing in prominence. Many observers in crypto circles were hoping for him to become a key lobbyist for the sector after his donation to Joe Biden’s presidential campaign. And even though he’s willing to discuss his involvement in the market and subjects like the rising institutional demand for crypto, he insists that’s he not attempting to conjure facts that suit his narrative.
Bankman-Fried Suggests Institutional demand for Crypto Is On The Rise
SBF is clear about the fact that he’s glad to discuss the market and that he certainly has an agenda. But he also emphasizes that he will not create facts to fit his own narrative.
He stated, “You know, to the extent I have an agenda, I just want it to flow from my actual thoughts and beliefs. So that’s all I have to talk about is my thoughts and beliefs rather than try and create a fact pattern that happens to fit where I want it to go or something like that.”
On the subject of institutional adoption, Bankman-Fried underlines that many out there are “desperate” to set a foot in the crypto sphere. But many institutions are unclear about their trajectory or what they are trying to accomplish. He advises incoming players to define clear goals and then understand how the industry works.
SBF Weighs on Ethereum vs Solana
Bankman-Fried also revealed his views on the Ethereum vs Solana debate. Ethereum advocates have repeatedly cited the benefits of its ecosystem moat but SBF doubts that this moat is invincible. Solana is not well-known outside the crypto community at the moment but it claims to be faster than Ethereum and boasts the capability of processing 65,000 transactions per second(TPS).
Explaining his views, Bankman-Fried said, “I think that’s one of the fundamental tensions here, is that like this moat is insurmountable if crypto never grows. But if crypto gets 50 times bigger, the moat is two percent of the eventual pie. The other piece of this, right, is why is the most valuable as a business? A moat is valuable to keep other people out. A moat doesn’t let you grow itself, right? It gets rid of a particular impediment to your growth, which is competitors, but a moat isn’t growth itself.”
In a recent interview with Bloomberg, SBF disclosed that he had been approached by several SPACs who wanted to take the FTX exchange public. A special purpose acquisition company(SPAC) is also known as a ”blank check company” listed on the stock market to generate funding that allows it to merge with another firm.