Exec claims the FTX crisis will show who the “survivors” are

Exec claims the FTX crisis will show who the “survivors” are

After FTX’s collapse, the calls for stronger and tighter regulation are certainly getting stronger. At the same time, industry leaders are cautious yet hopeful about the future of the crypto industry.

During a CNBC interview yesterday, Galaxy Digital CEO Michael Novogratz said the collapse of FTX has led to a confidence deficit in the crypto sector. The entire industry has failed to self-regulate, he said, adding that companies engaged in derivatives trading should and will be regulated.

Lack of self-regulation?

Novogratz also discussed the financial irregularities at FTX as the crypto exchange did not have an internal accounting department and its transactions were intertwined with its affiliate Alameda Research. He added that crypto exchanges such as BlockFi had clearer terms for what customer funds should be used for.

There are already 150 million people who have invested in Bitcoin. Therefore, there is no way that Bitcoin, Ethereum or blockchain in genera; going away, Novogratz added.

Wood stands by his prediction of BTC reaching $1 billion by 2030

Ark Invest CEO Cathie Wood was on the same page as Michael Novogratz when she reiterated her prediction that Bitcoin would climb as high as $1 million by 2030. Speaking to Bloomberg, Wood argued that the blockchain technology that underpins Bitcoin, Ethereum and other tokens have not been skipped. a rhythm.

Wood added that while institutional investors may delay adopting cryptocurrency for a while now, things will come as a new understanding of the issue develops. According to the exec, the ongoing crypto winter is an opportunity to test the altcoin’s infrastructure and investment mission.

“Sometimes you have to struggle, you have to go through crises … to see the survivors.”

Just recently, Cathie Woods Ark Invest bought $4.2 million worth of shares in Grayscale’s Bitcoin Trust (GBTC). This is despite Grayscale not disclosing details of GBTC’s Bitcoin support, citing “security reasons.”

Ark Invest’s GBTC holdings currently stands at $6.54 million.

Here it is worth noting that Wood was quick to add that FTX engaged in misconduct. Nevertheless, the industry will soon take the right path, she concluded.

Mainstream media’s “soft corner” for SBF

FTX’s collapse has led to shrill calls for tighter and stricter government regulations on the cryptocurrency industry.

At the same time, Crypto-Twitter is upset that FTX leader Samuel Bankman-Fried “SBF” is being treated with kid gloves by the mainstream media. Recent pieces of the New York Times and The Wall Street Journal have been called fluff when they failed to highlight the illegal activities at FTX.

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