FTX CEO declares “not afraid” of losing money to help crypto grow, reveals plans to buy Bitcoin

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2022-07-22 06:46:40

FTX CEO Sam-Bankman Fried doesn’t mind “losing money” if FTX’s bailouts for struggling crypto platforms are truly meaningful for the overall development of the crypto industry. .

FTX CEO declares “not afraid” to lose money to help crypto grow, reveals plans to buy Bitcoin

FTX exchange and investment fund Alameda Research have offered relatively “expensive” bailouts for lending platforms such as BlockFi ($400 million) and crypto company Voyager Digital ($250 million) amid the market downturn. large-scale recession. Despite receiving help from FTX, Voyager Digital still has to file for bankruptcy, but Mr. Sam Bankman-Fried claims he is not “depressed” and will be ready to help more.

The top leader of FTX said at the Bloomberg Crypto Conference taking place in New York on July 19 as follows:

“We can make a bad deal at a moderate price to save a certain crypto company that is on the verge of crisis, to bring a lot of development and constructive benefits in this space. “

In addition, Mr. Sam Bankman-Fried revealed that through conversations from companies who have difficulty contacting FTX for help, most of them are not so clear about the company’s financial picture. company. This is also the minimum requirement to be able to keep FTX on the negotiating table.

At this point, we will easily realize that the standard of FTX CEO is somewhat “easier” than that of Binance CEO Changpeng Zhao (CZ). In June 2022, CZ once stated that it should not “rescue” crypto companies that adversely affect the market. Binance is only looking to help a few companies that have financial problems but can fix them or have great potential when they return to the market in a stable position.

Interestingly, because of the above opposing views, both Binance CEO and FTX CEO have directly “confronted” each other on social networks, a topic of particular interest to the community in the past two weeks.

Returning to the main topic, besides affirming that he “doesn’t mind” pumping money to support the market, CEO Sam Bankman-Fried also shared that FTX has started planning to buy Bitcoin if BTC price drops to a certain level.

“Actually, there is a “pretty nice” price for Bitcoin. We sat down together to discuss this strategy.

All in all, it is somewhat predictable that the FTX CEO is hinting that the current price zone is likely to be the “bottom” of Bitcoin during this bear cycle. Coincidentally, in a discussion with Former Goldman Sachs CEO and Real Vision CEO Raoul Pal, he also made the same comment when assessing the macroeconomic state and the market’s recovery after the crisis. panic.

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