Original source: Fox Business
Original compilation: 0x22D, Rhythm BlockBeats
Recently, Fox Business conducted an exclusive interview with Sam Bankman-Fried, CEO of cryptocurrency trading platform FTX. In an exclusive interview, SBF talks about what makes Bitcoin fall, the relationship between Bitcoin and stocks, regulation and Bitcoin spot ETFs, and the future of the Metaverse.
Rhythm BlockBeats organized and translated the content of the interview as follows:
Bitcoin has been falling for several days in a row, falling below $40,000 a few days ago, creating a new low since September 2021. Currently, Bitcoin has recovered to around $41,000. Going into 2022, many investors are still very optimistic about cryptocurrencies, especially Bitcoin. They believe that in 2022, Bitcoin may stabilize and soar all the way. Let's hear from Sam Bankman-Fried, CEO of FTX, one of the richest people in the Crypto space.
Moderator: Sam, Bitcoin is experiencing the longest decline since 2018. What is holding Bitcoin back?
SBF：We've seen something similar happen in the stock market, especially technology and growth stocks. Part of the reason for Bitcoin's decline is the response to certain signals, such as tightening signals, inflation expectations, etc., and some are profit-taking after the end of the big market in the Crypto industry.
Moderator: Do you think the current trading of Bitcoin is in sync with that of stocks?
SBF：Yes. I think every month we see that the correlation between Bitcoin and stocks is going up. I wouldn't say that the two are fully in sync, etc. I do think that on a fair number of market events, they are quite correlated now.
Moderator: Do you think Bitcoin will exceed, stay the same, or fall below $100,000 in 2022?
SBF：First of all, this is not investment advice, but I think it is possible for Bitcoin to exceed $100,000, and it will not necessarily happen by the end of the year. Of course, Bitcoin's performance may not be as good as we expected.
Moderator: You are a true forward thinker and risk taker, and you are one of the richest cryptocurrency investors, according to Forbes, who estimate your net worth at $26.5 billion. So, when did you first buy bitcoin? What was the price at that time?
SBF：I think it was late 2017, when Bitcoin was going from $3,000 to $10,000. At the time, I was just getting into the cryptocurrency ecosystem, getting some capital and arbitrage between different markets.
Moderator: There is another important issue, that is, the SEC's supervision of cryptocurrency is like building a dam. What do you think will happen next? And does that make you think you should be buying more bitcoin when the broader market dips below $40,000?
SBF：We’ll have to wait and see, but I’m optimistic that in the next year or so, we’ll see some really substantial progress in the global and U.S. regulatory environment for cryptocurrencies. It's going to be tough, because people in the industry have been complaining about the relationship between industry and regulation for a long time. However, I think there is light at the end of the tunnel, and there will certainly be some immediate rules that will allow cryptocurrencies as an asset class to make strides while satisfying regulators.
Moderator: Now that we have a Bitcoin futures ETF, do you think there will be an ETF that is actually linked to the price of Bitcoin approved this year?
SBF：There may or may not be. I think spot ETFs will be approved, but I'm not sure if it will be this year. The most important thing about Bitcoin spot ETF is that it is more efficient, when you are trading Bitcoin futures ETF, you pay rolling costs to buy BTC at a premium. From a consumer perspective, the arrival of a bitcoin spot ETF is only a matter of time. The biggest influencing factor is what the SEC sees from the perspective of regulation and anti-market manipulation.
Moderator: Yeah, Gary Gensler from the SEC made it very clear that he wants to make sure that these ETFs don't get flooded in without giving investors any safety net. By the way, Sam, you guys have been working on the NFT space for a while, I heard people can now buy land in the metaverse?
SBF：Yes, I think what we're seeing is just the beginning, and the land purchase doesn't tell the whole story. We'll see what happens when the Metaverse becomes more comprehensive and engaging. You'll see apps and businesses of all kinds start to plug in and interact with the Metaverse, allowing you to easily transfer assets between them. I'm certainly happy to see things going on in the early days of the Metaverse, but we're going to be even more excited about what's going on a few years down the road.
