TL;DR Breakdown
- Solana to be new Bitcoin FTX CEO says.
- Says volatility would forever exist in crypto market.
The Founder of the cryptocurrency exchange FTX – Sam Bankman Fried, has said Solana, primed to be Ethereum killer, is in line to become the next Bitcoin. Apart from Solana, he tipped Avalanche is another blockchain project that can climb to the top.
He said this during a recent interview where he spoke on the current cryptocurrency landscape and which projects could outlive a potential market crash.
FTX CEO reiterates volatility in crypto
Bankman Fried, when asked if this was the last bull-run in the market, said bull run and market crash would forever remain in the crypto market. He said by 2023, he expects to see high institutional crypto adoption, which would benefit the entire ecosystem.
He, however, said a repeat of the 2018-style bear market could be experienced in the crypto space again. However, he reiterates that blockchain protocols with loyal supporters and important use-cases would not vanish even in such harsh conditions.
He predicts that memecoin are most likely to plummet because they exist on hype.
“The projects that you see surviving the best are the ones which have huge really loyal followers and the ones that have really important use-cases. I think the ones that seem more like hype-driven often crash the hardest.”
He lauds Solana for this, highlighting the network’s ability to scale millions of transactions per second. He said it makes it an integral part of the financial network, which makes it a new Bitcoin or Ethereum.
Similar to Squid Game, scams would always exist
Sam Bankman Fried also said that rug pull like the Squid Game token (SQUID) token would remain in the crypto space. The enthusiasm around the token then was so much it surged by over 110,000 percent in days.
It, however, dumped days after and finally disappeared.
Sma Bankman Fried said such shady projects will always exist in the space. He said people should never invest more than they are “willing to lose.”
