- The CEO of any government agency that has overseen the sector is not preferred.
- Some rescue investments have been successful, according to Bankman-Fried.
FTX CEO Sam Bankman-Fried said the crypto winter may have been much worse in terms of asset values. The sector, according to the billionaire investor, requires reasonable regulation and it does not matter who is doing the regulation. Also, he detailed the series of cryptocurrency investment deals for his company. Some rescue investments have been successful, according to Bankman-Fried, while others have failed.
Despite Bitcoin dropping below $20,000 to start the week, the CEO of FTX doesn’t think things are all terrible. Bankman-Fried, in an interview with Bloomberg, warned that the decline in the price of bitcoin may have been much worse. The investor said he had no concerns about the eventual collapse of the sector. He said $1 billion has been invested in crypto bailouts, with “mixed” results.
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The CEO reiterated that the investment was made to help crypto companies, not to increase profits. According to the wealthy investor, he is actively trying to persuade lawmakers in Washington to promote the cryptocurrency industry. He said it didn’t matter too much if there was confusion about which agency would have authority over crypto activities. He also said he had no preference for any government agency that oversaw the sector, noting that either SEC Or the CFTC will be sufficient.
Meanwhile, bitcoin has been trending higher in the previous several hours after briefly dropping below the $20,000 level. according to CMCToday, the bitcoin price 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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