Arbitrage billionaire Sam Bankman-Fried said on Thursday that a more dovish Fed (which will maintain lower interest rates) will positively impact the altcoin market, highlighting the possibilities in NFT investing.
“Fed’s less hawkish is good for cryptocurrencies”
The 29-year-old CEO of FTX, in a wide-ranging interview with the Economic Club of New York on Thursday, said the money supply and the Fed’s inflation He said signals of rising rates to manage have hit the markets recently, and that “a strong link between crypto and equities” is also clear. So, if the Fed decides to delay interest rates, it will be “positive for crypto,” according to Bankman-Fried.
It has been a dominant crypto sell-off since early January as investors expect additional rate hikes from the Fed this year. According to a senior JPMorgan strategist quoted by Cryptokoin.com, as the Fed tightens, the crypto market will drop even more, ending the era of “crazy” speculation. According to Bankman-Fried, cryptocurrencies may be in “fall” instead of “winter” because there has been a marked slowdown recently, but there is still a lot of interest in the market. In the coming months, Bankman-Fried sees the Fed as the primary driver of the cryptocurrency market.
Sam Bankman-Fried addresses the opportunities of the altcoin market
In a separate development, FTX CEO stated on Thursday that he sees NFTs as a venture capital potential. FTX announced a $2 billion venture capital fund last month to invest in firms that will help grow the cryptocurrency ecosystem. When asked if the VC market is oversaturated, Bankman-Fried said that some industries do not have much opportunity to expand but have received a lot of funding:
Too much effort is put on established NFT projects and little work is done on creative NFT implementations. . I’d love to see future apps lean a little more in the direction I believe is truly fascinating.
Which are the popular NFT coins?
The largest volumes of cryptocurrencies and tokens used for collectibles and NFTs are listed below.
- Decentraland (MANA)
- The Sandbox (SAND)
- Theta Network (THETA)
- Axie Infinity (AXS)
- Tezos (XTZ)
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