Raoul Pal and Sam Bankman Fried Review Recent Crypto Shake Up
Macro Guru Raoul Pal had FTX CEO, Sam Bankman-Fried, on in a new episode on his Real Vision YouTube channel, where the two discussed the crypto markets after what has been a tumultuous month.
In the interview Bankman-Fried explains to Pal that markets have finally bottomed out, considering that other asset classes have also been flattened recently. He said:
“I don’t see any particular reasons that we couldn’t be at the bottom. And I’m not trying to say that we definitely are at the bottom, but I think the unwinding that had to happen has happened. It’s been an extremely messy last month, obviously.
One of the interesting things is that this hasn’t been just a crypto phenomenon. When you look at what’s happening in markets, you see similar things happening in tech, to some extent happening all over the ecosystem, where you basically just have a really large retracement of all the gains that have happened over the last year-plus in markets.”
Listed by Forbes as the second wealthiest man in crypto, SBF holds the U.S. Federal Reserve responsible for the pat months’ events. They did not just raise interest rates, he said, but set them higher than most people expected:
“It was sort of triggered by the Fed. Initially by the expectation that rates were going to finally really start rising, and rising more than people thought.
But at this point, the currents we’ve seen in markets, I think is out of line with what 3% interest rates would normally represent.”
The FTX founder and CEO also explained that Bitcoin’s crash in early June was rather caused by macro-economic factors than crypto industry specific:
“I think you look at the drop-down to $30,000 in Bitcoin as really being just economically driven and driven by macro.
That wasn’t very crypto specific.”
At time of writing, Bitcoin is changing hands at $21,442, according to CoinMarketCap data.
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Source: igaming
