Sam Bankman-Fried will spend to prop up the crypto industry

FTX’s Sam Bankman-Fried is willing to lose money to ensure that the cryptocurrency industry is functioning properly.

Bankman-Fried, co-founder and CEO of FTX, Bloomberg Cryptographic Summit In New York on Tuesday, if his bailout continues to hum the crypto infrastructure, he’s not bothered by losing some money.

The FTX boss said market leaders need to spend money to ensure that everything works. He said;

“It’s okay to make a reasonably bad deal to bail out a place. The standard isn’t: is this a good return on investment? It’s about maintaining the health of the wider industry.”

The crypto market has been bearish for the past few months, which has affected many crypto companies. Bankman-Fried said it had allocated $ 1 billion.

Bankman-Fried has already spent hundreds of millions of dollars bail out companies such as BlockFi and Voyager Digital. But that didn’t work as planned.

FTX has the option to buy BlockFi for $ 240 million, and Voyager Digital filed for bankruptcy earlier this month.

When asked about a bailout to Voyager Digital, Bankman Fried laughed and shrugged the money he spent on the company.

According to Bankman-Fried, the struggle in the wider market is not over yet, and many companies are suffering from finances. He said conversations he had with several crypto companies revealed that many of them were not yet clear about their financial situation.

But Bankman-Fried said he was interested in helping crypto companies understand their finances.

Bankman-Fried has revealed that FTX has plans to buy Bitcoin. However, the company does so only when the major cryptocurrencies reach certain numbers. He said;

“At some point we actually had a conversation. There was a price. We didn’t reach that price.”

The broader crypto market has been strong for the past few days, with Bitcoin currently trading over $ 23,000 per coin.

FTX’s Sam Bankman-Fried is willing to lose money to ensure that the cryptocurrency industry is functioning properly.

Bankman-Fried, co-founder and CEO of FTX, Bloomberg Cryptographic Summit In New York on Tuesday, if his bailout continues to hum the crypto infrastructure, he’s not bothered by losing some money.

The FTX boss said market leaders need to spend money to ensure that everything works. He said;

“It’s okay to make a reasonably bad deal to bail out a place. The standard isn’t: is this a good return on investment? It’s about maintaining the health of the wider industry.”

The crypto market has been bearish for the past few months, which has affected many crypto companies. Bankman-Fried said it had allocated $ 1 billion.

Bankman-Fried has already spent hundreds of millions of dollars bail out companies such as BlockFi and Voyager Digital. But that didn’t work as planned.

FTX has the option to buy BlockFi for $ 240 million, and Voyager Digital filed for bankruptcy earlier this month.

When asked about a bailout to Voyager Digital, Bankman Fried laughed and shrugged the money he spent on the company.

According to Bankman-Fried, the struggle in the wider market is not over yet, and many companies are suffering from finances. He said conversations he had with several crypto companies revealed that many of them were not yet clear about their financial situation.

But Bankman-Fried said he was interested in helping crypto companies understand their finances.

Bankman-Fried has revealed that FTX has plans to buy Bitcoin. However, the company does so only when the major cryptocurrencies reach certain numbers. He said;

“At some point we actually had a conversation. There was a price. We didn’t reach that price.”

The broader crypto market has been strong for the past few days, with Bitcoin currently trading over $ 23,000 per coin.