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
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