Alan Lane, CEO of digital asset-focused investment bank Silvergate, said that Bitcoin (BTC) stands apart from other cryptocurrencies and will always find buyers.
Silvergate CEO, speaking during the Oppenheimer Blockchain & Digital Assets Summit, stated that compared to other cryptocurrencies, Bitcoin will always find buyers and has a more unique position. in the markets FTX Stating that the chaos environment that started with its bankruptcy will not have any negative effect on Bitcoin when considered in the long term, the CEO made the following statements in his speech:
I think Bitcoin is separate from everything else and this is evident from how well the price holds up and the fact that we still have an active SEN leverage book that we lend against Bitcoin. There are always buyers, especially for Bitcoin. As in previous cycles, we will get through this and continue to serve the industry.
Expressing that they are not worried about the short-term outlook looking bad, Lane said, mistakes of industry players also mentioned. As one of the biggest mistakes, it was suggested that the exchanges, in particular, show the tokens they produce as collateral and make leveraged transactions.
That’s not what Silvergate does. We provide US dollars. Our company backed approximately $770 million of the $300 million outstanding Bitcoin-guaranteed loan in the third quarter with Bitcoin. That’s why we feel very confident about this portfolio.