Bitcoin has been trading above the $20k level in recent weeks, and Sam Bankman-Fried says he will accept the leading cryptocurrency trading around $35k by the end of the year.
Sam Bankman-Fried, the CEO of FTX, revealed in a recent interview with Fortune Magazine that he would accept Bitcoin trading around the $35k region by the end of the year.
Bitcoin reached an all-time high of $69k in November 2021 but has lost more than 60% of its value since then. At press time, Bitcoin is trading close to the $23k level after recovering from its recent losses.
When asked about his predictions for Bitcoin and Ether and whether BTC would reach $100k soon, Bankman-Fried said;
“Boy, Ethereum is interesting. Obviously, with the upcoming merge⁹, there’s huge volatility, right? I think it could get way better or way worse—I just don’t know the answer.
I think Bitcoin’s a little bit easier to predict. If there’s more pain and more liquidations, that changes things. But a bit more recovery from the carnage, and regulatory clarity—that could be a big exogenous shock, a positive shock that could come over the next year. We’d be lucky to hit $100K, but I wouldn’t rule it out. But, you know, if you told me at the end of the year, Bitcoin is gonna be at $35K, I’d fucking take that.”
SBF added that he believes the ultimate strength of the cryptocurrency industry comes from blockchain technology being able to assert itself as a positive influence on the global economy. He said;
“There’s been skepticism of me from people who, correctly, view me as coming at it from a pragmatic rather than ideological perspective. I believe in blockchain because I think it’s useful and can make the world better in very specific practical ways.
My belief is that the industry is contingent on blockchains, ultimately being able to have a real positive impact on the world. I’d like to think I do a good job of representing other people who believe in the industry even if they came at it from a different angle originally, but there is always a little bit of unease there.”
Bankman-Fried’s FTX has become one of the leading crypto exchanges in the world, only behind the likes of Binance.