Crypto

Solana Has a Real Chance of Becoming the Next Bitcoin, Says FTX’s Sam Bankman-Fried

Solana SOL Crypto

Solana can rise to millions of transactions per second, which is why it has the potential to become the next big thing in the digital space…

Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX, believes Solana (SOL) has the potential to become the next most dominating digital asset initiative. He went on to say that Avalanche (AVAX) is another blockchain network that has the potential to grow to the top.

‘I’m optimistic about Solana,’ says the author.

The 29-year-old American expressed his thoughts on the current cryptocurrency scene and which projects could survive a future market crash in a recent interview with Kitco News.

When asked if this was the sector’s last bull run, Bankman-Fried said there will always be crashes followed by price increases. He expects “significant institutional adoption of cryptocurrencies” in the next 2 years, which will help the entire ecosystem.

The CEO of FTX does not rule out the potential of a bear market similar to that of 2018. Despite this, he believes that blockchain protocols with devoted adherents and significant use-cases would not perish in such a tough environment. “The projects that you see surviving the best are the ones that have big, highly committed followers and the ones that have critical use-cases,” says a source familiar with meme coins. “I believe the ones that appear to be hype-driven crash the hardest.”

Solana, according to Bankman-Fried, matches the criterion of a significant project because of its ability to grow millions of transactions per second. As a result, it has the potential to become an important part of the financial network, possibly even the new Bitcoin or Ethereum.

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“I think Solana has a real shot at it, which is incredibly exciting.”

“I believe there are other tokens out there that are attempting to scale a bit, and Avalanche is one of them,” says the author.

The Squid Game Saga is a series of games about squids.

Many individuals invested in the Squid Game token (SQUID) when it became one of the most popular assets in the cryptocurrency sector in October. It sparked such a large amount of interest that it spiked by 110,000 percent in a matter of days. However, it was rug-pulled by its founders at the beginning of November, and its price plummeted by 99.99 percent.

Such murky undertakings, according to Bankman-Fried, will always exist in the area. People should never invest more than they are “willing to lose,” according to him.

On the SQUID saga, he pointed out two key red flags: the token’s designers were not “associated with the Netflix Series,” and they were anonymous:

“There’s always the possibility of a rug pull if you don’t know who that person is and you don’t trust them.” There’s a lot less they can do to earn value at the expense of token purchasers if they don’t own any tokens and can’t mint anymore.”

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.