Sam Bankman-Fried: The worst of the Crypto crisis is over
Sam Bankman-Fried sees the light at the end of the tunnel.
Despite the still turbulent crypto winter, which led Three Arrows Capital and Voyager Digital to file for bankruptcy, and Celsius and BlockFi faced liquidity problems, the FTX CEO believes that the worst liquidity crisis is over.
Bankman-Fried told Reuters that his cryptocurrency exchange still has "several billion" that can be used to stabilize other crypto companies experiencing financial difficulties.
According to him, other crypto firms have already turned to him for help, adding that small exchanges have already had problems and they may be at risk of bankruptcy. But he didn't give any names.
In the face of economic uncertainty, Bankman-Fried does not want the public to lose hope.
"Consumer confidence that everything will work as advertised is incredibly important, and in the event of a breakdown, it is incredibly difficult to get it back," he said.
As for where the market is heading in the near term, Bankman-Fried believes that cryptocurrency prices are close or have bottomed out, but broader economic factors will continue to affect the industry.
"I don't think this is an existential threat to the industry," he said. "But I really think it's a little worse than I expected."
https://coin-signal.com/cryptonews/sam-bankman-fried-the-worst-of-the-crypto-crisis-is-over/
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