29-year old billionaire Sam Bankman-Fried says he got into crypto just to trade - but 2 things quickly made him realize the long-term potential of digital money
cryptobillionaire Sam Bankman-Friedtold CNBC on Tuesday he initially entered into the industry just to trade.
- He soon realized that digital money can be useful for international transfers.
- He also saw the appeal of crypto for countries without global reserve currencies.
29-year old crypto billionaire Sam Bankman-Fried told CNBC on Tuesday he initially entered into the industry without a firm stance on the future of digital assets.
"I honestly first got into crypto without knowing what I would think of crypto. I got into it because there was good trading there," said Bankman-Fried.
The founder of crypto trading firm
"I think anyone who's tried to send an international wire transfer will tell you they regret it," he said.
Bankman-Fried also said that when he began to interact with people in countries without global reserve currencies, he saw further potential for crypto.
"If you don't happen to come from a country with a global reserve currency, the idea of having an external currency that is sort of immutable and cannot be screwed with by forces starts to look a little bit more appealing," he said.
His CNBC interview came one day after FTX announced it would cut the amount of leverage offered to crypto customers from 100x to 20x.
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