FTX co-founder Sam Bankman-Fried said during an interview that he did not ignore the fact that the popular altcoin Solana (SOL) could surpass the largest altcoin Ethereum (ETH). The crypto billionaire also says that from an institutional perspective, ETH could gain wide acceptance. Here are the details…
Leading altcoin will gain wider institutional acceptance, according to Bankman-Fried
The wealthiest crypto billionaire says Ethereum’s native token, ETH, could find broad institutional acceptance even if its underlying blockchain doesn’t achieve the same success. At the same time, he drew attention to composability concerns surrounding Ethereum 2.0. cryptocoin.com As we have also reported, while the second largest Blockchain can significantly increase production capacity with the help of sharding, it is discussed that simultaneous transactions may become a problem.
According to Bankman-Fried, DeFi applications may have no choice but to switch to the shard, as there will be no native composability. Bankman-Fried also claims that Solana could be disrupted by another rival Blockchain. Still, the famous CEO used the following statements:
Solana performed very well
Meme coin comment from Bankman Fried
When asked about the specific criteria people should look at when choosing a particular cryptocurrency project, Bankman-Fried said that investors should follow the meme cycles, noting that “Memes are very important, they drive the market.” However, the crypto CEO, whose net worth is estimated at $22.5 billion, warned his audience that meme stocks and meme coins tend to be risky.
Meme coins like Dogecoin and Shiba Inu have prevailed this year, posting astonishing returns. However, the Squid Games coin scam that defrauded owners also showed the ugly side of prank cryptocurrencies. Sam Bankman-Fried urges buyers to never invest more than they are prepared to lose:
No matter what you’re investing in, it can actually drop by 90 percent.
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