- Sam Bankman-Fried believes that there won’t be another shoe to drop in the crypto carnage.
- Projects he’s most excited about in web3 are payment platforms and consumer market structures.
- He believes mass adoption would require user-friendly interfaces, regulation, and strong use-cases.
Since Monday, crypto has been making a slight comeback. Bitcoin is up by about 6.5%, trading above $22,000. Ethereum had an even stronger recovery: the crypto is now up by more than 16%, trading at around $1,550 as of Tuesday.
“I think that I don’t know that we’re waiting for the other shoe to drop right now,” said Sam Bankman-Fried in a video interview that aired on July 8 with Raoul Pal, the CEO and co-founder of Real Vision. “I think the shoes have dropped and we’re in a, ‘well, let’s see what happens with the world’ type situation. But I don’t feel totally confident in that, and obviously not financial advice.”
Both Pal and Bankman-Fried agreed that the crypto plunge, which cut its $2.9 trillion market cap by more than 60% within eight months, isn’t unique to the sector. Expectations of interest rate hikes triggered a domino effect that sent several markets spiraling downwards. Since the Federal Reserve imposed the second rate hike of this cycle on May 4, bitcoin has tumbled by about 44%.