FTX CEO Sam Bankman-Fried Identifies Use Cases That Give Crypto “the Majority of Its Strength”
Sam Bankman-Fried, a cryptocurrency millionaire, reveals the most consequential applications of blockchain and cryptocurrency technology.
In a recent interview on the Point Forward podcast with NBA player Andre Iguodala, the FTX chief executive describes the use cases he feels provide crypto “the majority of its strength.”
“Cryptocurrency is a method for tokenizing assets. And this is precisely what occurred with Bitcoin, which was a natively digital asset to which everybody had access and which anyone could readily exchange. And it’s a little like gold, except you don’t have to deal with gold bars, and it’s a lot cleaner and simpler to access, with a complete auditable transaction history.”
This is one aspect of it. Another aspect is the blockchain and the underlying networks, which are incredibly fascinating and provide, among other things, a method to establish a complete network where anybody can open an account and transmit assets to anyone else immediately, inexpensively, and online with the press of a button. All of this’s whole ledger history It is, to a certain degree, the ideal payment network.
Bankman-Fried contends that the blockchain provides a “vastly cleaner and simpler approach” to conduct international remittances, which massive costs and theft risk now plague he claims.
The chief executive officer of FTX further emphasises that blockchain technology delivers digitalization, transparency, quick transferability, and unambiguous ownership of assets such as currencies, real estate, equities, and personal things.