Crypto billionaire Sam Bankman-Fried says bitcoin could switch to green energy with little fuss - and reveals SPACs are lining up to take his FTX exchange public
- Crypto billionaire
Sam Bankman-Friedsaid bitcoincould switch to green energy relatively easily.
- He also revealed
SPACswant to take his exchange public, although he doesn't currently plan to.
- Bankman-Fried founded the derivatives exchange
FTXand is a crypto billionaire at 29.
Sam Bankman-Fried, the 29-year-old crypto billionaire, has said that bitcoin could dramatically cut down on its energy use without killing off the cryptocurrency or setting back the industry.He also revealed that special purpose acquisition companies, or SPACs, have been queuing up to take his FTX crypto exchange public, speaking in an interview with Bloomberg.
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"The answer is that it's not free to mitigate, but it's not that expensive," he told Bloomberg. "It's something the industry could pay without really setting itself back that much."Many bitcoiners argue that the industry will soon use predominantly renewable energy, given that it's becoming cheaper and cheaper in advanced economies. Bankman-Fried, who founded and is now chief executive of FTX, said he's been approached by a number of SPACs about taking the crypto derivatives exchange public. SPACs are blank-check companies that raise money on the stock market and then find a target company to merge with.
He said FTX was one of the few "plausible exciting targets" for SPACs in the crypto world.
Bankman-Fried said the exchange does not have concrete plans, but said: "If we did want to go public via [a] SPAC, I don't think finding the SPAC would be the limiting factor."
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