The founder of the FTX cryptocurrency exchange – Sam Bankman-Fried – believes that Solana (SOL) could become the next most dominant digital asset project. He added that Avalanche is another blockchain network that can climb to the top.
Sam Bankman-Fried: “I’m optimistic about Solana”
In a recent interview with Kitco News, the 29-year-old American shared his thoughts on the current situation in the cryptocurrency sector and which projects could survive a potential market crash.
Asked if this was the last bull-run in the sector, Bankman-Fried said there would always be a crash followed by price increases. He expects that in the next two years “we will see a substantial increase in the institutional acceptance of cryptocurrencies, which will benefit the entire ecosystem.”
The CEO of FTX did not rule out the possibility of experiencing a bear market in the style of 2018. Nevertheless, he thinks that blockchain protocols with loyal supporters and important use cases would not disappear even in such harsh conditions. Projects whose success is based on hypos, such as memecoins, are more likely to fail:
“The projects that survive best are those that have a lot of really loyal followers and those that have really important use cases. I think those who look more like hype-driven are often the hardest. ”
Bankman-Fried believes that Solana fits into a meaningful project because of its ability to scale millions of transactions per second. As such, it could become a key part of the financial network and even turn into a new BTC or ETH.
“Solana has a real chance, which I think is really exciting.”
It is worth noting that Solana is not his only choice, as he is also a supporter of Avalanche:
“I think there are other tokens that try to scale more, and Avalanche is one of them.”
According to Sam Bankman-Fried, there will always be shade projects in the sector. He said people should never invest more than they are “willing to lose” and referred to the famous recent pull rug, Squid Game.
In October, the Squid Game (SQUID) token became one of the most popular assets in the cryptocurrency space and many people invested in it. The enthusiasm for it was so massive that at one point the value rose by 110,000% in a few days. At the beginning of November, however, the creators also disappeared with the money and its price fell by 99.99%.