Bankman-Fried will accept Bitcoin for $35k by the end of the year


Bitcoin has been trading above the $20k level for the past few weeks and Sam Bankman-Fried says he will accept 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 hit a record high of $69k in November 2021, but has since lost more than 60% of its value. At the time of writing, Bitcoin is trading close to the USD 23k level after recovering from its recent losses.

ALSO READ  Democratic Senators Reprimand Fidelity Investments for BTC-Exposed Pension Funds

When asked about his predictions for Bitcoin and Ether and whether BTC would soon reach $100k, Bankman-Fried said;

“Boy, Ethereum is interesting. Obviously with the impending merger⁹ there is tremendous volatility, right? I think it could get much better or much worse – I just don’t know the answer.

I think Bitcoin is a little easier to predict. When there is more pain and more liquidations, that changes. But a little more recovery from the carnage and regulatory clarity – that could be a big exogenous shock, a positive shock that could come the next year. We’d be lucky if we hit $100K, but I’m not ruling it out. But you know, if you told me at the end of the year that Bitcoin will be $35K, I’d fucking take that.

SBF added that he believes the ultimate strength of the cryptocurrency industry comes from blockchain technology that can assert itself as a positive influence on the global economy. He said;

ALSO READ  Bitcoin Price Sees $24K, Ethereum Hits 2-Month High As US Inflation Shrinks

“There has been skepticism about me from people who, quite rightly, view me as being from a pragmatic rather than ideological perspective. I believe in blockchain because I think it is useful and can improve the world in very specific practical ways.

My belief is that the industry depends on blockchains and can ultimately have a truly positive impact on the world. I’d like to think I’m doing a good job of representing other people who believe in the industry, even if they originally approached it from a different angle, but there’s always a little bit of unease.”

Bankman-Fried’s FTX has become one of the leading crypto exchanges in the world, behind only Binance.

ALSO READ  Tether calls USDT short-selling proposition 'downright wrong'