FTX’s Sam Bankman-Fried – Institutions are Evincing Rising Interest in Crypto
As FTX and Alameda Research are becoming more well-known, one unforeseen consequence is that the deca-billionaire is gaining popularity. Some observers believed that SBF would become a type of professional advocate for the crypto environment, particularly after a substantial gift to Joe Biden’s presidential election campaign. While he claims he’s willing to talk about his beliefs, he’s not attempting to sell anybody a secondhand car:
“So I’m more than glad to act as a reference for anybody in government or anywhere who needs to speak about what the business is like […] see, they have a lot of individuals that come to them with intentions exactly here. I only want my objective to stem from my genuine views and beliefs, to the degree that I have one. So instead of trying to construct a line of argument that tends to match where I really want to go or anything like that, all I have to communicate about is my views and ideas.”
The rising quest toward institutional adoption is yet another heated issue of discussion. While Bankman-Fried claims that organizations are becoming progressively “desperate” to become engaged, he also claims that they aren’t always aware what that entails or what they’re trying to accomplish. As a consequence, the procedure might be a bit of a guessing game overall.
“Isn’t it true that the very first thing we do is just pay attention? We’re like, “Look, what are your objectives here?” What is it that you really want to do? Then we’ll be able to say, “OK, cool, here’s how the business operates currently.” I’m not paying attention to what you’ve said. Here’s what’s going on, and here’s the law of the land. […] We want to be a day away from finishing a major transaction.”
Finally, he commented on Ethereum’s and Solana’s layer one conflicts. While Ethereum maximalists refer to the developer and ecosystem fortresses, SBF questions how impregnable that bastion is. When it comes to true mass acceptance, it’s vital to distinguish between overcomeable roadblocks and more intractable roadblocks, such as scalability.
“This barrier is impassable if crypto never expands, I believe, which is one of the key conflicts here. However, if cryptocurrency doubles in size, the moat shrinks to 2% of the whole pie. Then there’s the question of why the barrier is important as a business. A moat is useful for keeping intruders out. Isn’t it true that a moat can’t develop on its own? It removes a specific obstacle to your growth, namely competition, but a moat isn’t growth in and of itself […] Maybe no one will ever enter your fortress if it can’t get any bigger, yet it already owns 2% of the land and won’t get much bigger. And there’s more.”