Wednesday, December 1, 2021

Here’s what FTX co-founder Sam Bankman-Fried says is the biggest risk to crypto

If you buy something through one of these links, we may earn an affiliate commission.

More BOX Amazon Deals

This artical is first shown on marketwatch

Sam Bankman-Fried, the co-founder and CEO of FTX, one of the world’s most prominent crypto exchanges, says that one of the biggest potential risks to the bullish trend for the digital-asset market is a daisy chain of events alongside a regulatory crackdown.

“I really think…the biggest risk is a cascade, combining a big crash, liquidations,” and a “rule-making” environment “that together casts a really negative shadow over the crypto ecosystem,” Bankman-Fried told MarketWatch on Wednesday afternoon during an interview at MarketWatch and Barron’s “Investing in Crypto” virtual event series.

The 29-year old, who is a U.S. citizen but resides in the Bahamas, is a graduate of the Massachusetts Institute of Technology and boasts a net worth of around $26 billion, according to Forbes.

FTX’s own valuation recently topped $25 billion in its most recent funding round. The exchange platform is a cryptocurrency unicorn that offers derivative trading services with offices in the U.S. and the Bahamas, and is the sixth-largest global crypto exchange, according to CoinMarketCap.com.

Bankman-Fried’s comments come as the world’s No. 1 cryptocurrency, bitcoin
BTCUSD,
+0.14%
,
was trading more than 5% lower Wednesday, at $58,000, and Ether
ETHUSD,
+0.30%

on the Ethereum blockchain was down over 6%, at about $3,970 on CoinDesk.

Meanwhile, meme coin Shiba Inu, a virtual asset that pays homage to Dogecoin
DOGEUSD,
-5.01%
,
was up 64% on Wednesday.

This artical is first shown on marketwatchAuthor on date 2021-10-30 22:15:00
MarketWatch is a website that provides financial information, business news, analysis, and stock market data. Along with The Wall Street Journal and Barron’s, it is a subsidiary of Dow Jones & Company, a property of News Corp.

BEST

Amazon Deals

Get the best Amazon promotions and deals. Fast delivery and free returns on eligible items. Discover millions of products available from Amazon

Trending

More Articles Like This