\"We want to do what we can to stem contagion...\"Showboat<\/p>\n
It's been a banner month for billionaire crypto whisperer Sam Bankman-Fried, and now he's hinting at some provocativenext moves.<\/p>\n
In an interview withThe Wall Street Journal, the CEO and founder of the cryptocurrency exchange FTXhe intends to spend a full $1 billion bailing out the ailing crypto industry. Whether the bet will pay off for the 30-year-old, who's worth $11.9 billion now and was worth more than double that last year, is anyone's guess. But after providing a $400 million loan to BlockFi and buying the entire exchange Liquid after it was hit by a huge hack, he's certainly putting his money where his mouth is.<\/p>\n
\"We want to do what we can to stem contagion, and sometimes thats going to mean that we try to help out in cases where its not enough,\" Bankman-Fried told the newspaper. \"If that never happened, Id feel that we were being way too conservative.\"<\/p>\n
Bankman-Fried, who's garnered headlines for everything from becoming a political megadonor to apparently being uninsured, told the paper that although he believes the worst of the industry's ills have been \"flushed out of the system,\" he's betting a billion dollars that he can save it from further self-harm.<\/p>\n
FTX executive Ramnik Arora told the WSJ, that the company fielded calls from more than two dozen doomed crypto firms seeking Bankman-Fried's generosity. Among the callers, Arora claims, was the now-infamous Celsius exchange, whose withdrawal suspension is believed to have caused much of the whole domino effect crypto crash in the first place.<\/p>\n
And it doesn't end there. Bankman-Fried told the paper that FTX keeps \"a few billion\" in US dollars to cut deals, though he wasn't specific about what further bailouts he's planning.<\/p>\n
Like in traditional finance, confidence is everything in the crypto world. If this 30-year-old billionaire's sangfroid is to be believed, the industry only needs a billion dollars worth of help to bounce back.<\/p>\n
READ MORE:The 30-Year-Old Spending $1 Billion to Save Crypto [The Wall Street Journal]<\/p>\n
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Millennial Says He's Spending $1 Billion to Bail Out the Crypto Industry - Futurism<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" \"We want to do what we can to stem contagion...\"Showboat It's been a banner month for billionaire crypto whisperer Sam Bankman-Fried, and now he's hinting at some provocativenext moves. In an interview withThe Wall Street Journal, the CEO and founder of the cryptocurrency exchange FTXhe intends to spend a full $1 billion bailing out the ailing crypto industry. Whether the bet will pay off for the 30-year-old, who's worth $11.9 billion now and was worth more than double that last year, is anyone's guess Continue reading