Crypto’s current price rise is driven by increasing adoption, says FTX CEO


Choose your language:
Memecoins capitalise on investors’ need for novelty and variety, the CEO stated
Cryptocurrency derivatives exchange FTX founder and CEO Sam Bankman-Fried explained that while increasing mainstream regulatory attention on cryptocurrencies was helping popularise digital assets, it is the steadily increasing institutional and retail adoption that is driving crypto’s current price rise. 
The comments by Bankman-Fried come amid increasing regulatory scrutiny on cryptocurrency trading and mining in many parts of the world.
In an interview with Bloomberg Markets, Bankman-Fried stated that how much crypto companies will spend on regulatory upkeep will all depend on the details of these upcoming regulators and revealed that FTX expects to spend at least $1 billion on build-outs related to regulation and compliance.
Speaking about if Bitcoin’s lack of movement after reaching a high two weeks ago is a sign of falling momentum, Bankman-Fried stated that the 10% rise after the US Securities and Exchange Commission (SEC) recently approved the trading of the US’ first Bitcoin futures ETF cannot be considered insignificant.
“I think a further price movement is probably pending further news,” Bankman-Fried told in an in.
The executive also stated that the extremely large cycles of media coverage for memecoins like Shiba Inu or Squid games led to their popularity in the crypto community.
For most people, these are the cryptocurrencies they hear the most about, the most covered and thus they are most likely to invest in them,” the CEO stated, adding that memecoins also attract investors looking for novelty and variety in the crypto market.
Addressing the growing acceptance of cryptocurrencies in traditional financial trading systems, Bankman-Fried revealed that many investment firms have asked FTX for talent recommendations as firms on Wall Street are now looking to have at least one person who understands the crypto ecosystem.  
However, this does not mean that crypto companies were competing with Goldman Sachs and JP Morgan for talent, Bankman-Fried clarified.
Keep updated with our round the clock and in-depth cryptocurrency news.
Unsub anytime
No SPAM ever!
After signing up, you may also receive occasional special offers from us via email. We will never sell or distribute your data to any third parties. View our privacy policy here.
Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. We may receive financial compensation from these third parties. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services.
Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.
CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.
Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.
When trading in stocks your capital is at risk.
Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.


Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Post

Coinbase to introduce direct paycheck deposit feature in the US

Next Post auctions NFTs to support female education in Afghanistan

Related Posts