FTX's Sam Bankman-Fried says crypto would get a boost if the Fed turned less hawkish and that 'there's not nearly enough' investment in innovative NFT applications
- If the
Fedsuddenly backed off from raising rates, that "would be beneficial for crypto," Sam Bankman-Friedsaid.
- The 29-year-old billionaire also said he sees NFTs as an opportunity for venture capital.
In a wide-ranging Thursday interview with the Economic Club of New York, the 29-year-old crypto billionaire noted monetary supply and the Fed's signals on hiking rates to tame inflation have been moving
So if the Fed suddenly backed off from raising rates, that "would be beneficial for crypto," Bankman-Fried said.
Since the start of January, there's been a broad crypto sell-off as investors anticipate the Fed initiating multiple rate hikes this year. Cryptocurrencies are likely to plunge even further as the Fed tightens and brings an era of "crazy" speculation to an end, a senior JPMorgan strategist told Insider recently.
Bankman-Fried said previously that digital assets might be in an "autumn" rather than a "winter," as there's been a recent slowdown but plenty of excitement remains in the space. He sees the Fed as the key driver of digital asset markets for the coming months.
Separately, he also said Thursday that he sees NFTs as an opportunity for venture capital. Last month, FTX launched a $2 billion VC fund focused on investing in companies that will build up the digital asset ecosystem.
When asked whether parts of the
"There's not nearly enough work being done in innovative
- A 'hole' 30 times Earth's size has spread across the sun, blasting solar winds that'll hit our planet by end of this week
- Five planets will stage a rare spectacular event in the night sky on March 28
- Finland is offering free vacations for people to come and learn how to be happy after being named the happiest country in the world
- Torrent Investments not to participate in 2nd auction for Reliance Capital; Hinduja sole bidder
- Climate change threatening tea sector globally: ITA
- Over 23,000 techies lose jobs in nearly 82 Indian startups to date
- Scientists create car parts from lemons, corn, almonds and pomegranates that are better than traditional parts
- Cabinet clears dearness allowance hike by 4%