After the fall of FTX, many industry executives Enser, celebrities, and politicians share their views on the carnage the event has wreaked on cryptocurrency markets and many innocent bystanders.December 2, CEO and founder of Morgan Creek Capital In an interview, Mark Yusko explained that it’s entirely possible that FTX co-founder Sam Bankman-Fried (SBF) is just a “pawn” or “helpful idiot.” To “punish the industry”.
Mark Yusko of Morgan Creek: “This fiasco, I believe, is a scam perpetrated by someone more than a useful idiot.”
Terra LUNA Since the impact of and numerous business failures following the events, there have been a myriad of theories surrounding these subjects. , there are still many open issues surrounding this event. Various individuals, including CNBC’s Mad Money show host Jim Cramer, Galaxy Digital CEO Mike Novogratz, Congressman Maxine Waters (D-CA), and Tesla CEO and Twitter chief Elon Musk. I’m sharing my two cents about the FTX debacle.
On Friday, Mark Yusko, CEO and founder of Morgan Creek Capital Management, told Kitco’s lead his anchor and editor-in-chief, Michelle Makori, that Sam Bankman-Fried (SBF) said, ” A pawn.” “They’re just pawns in a very large, very sophisticated system designed to launder money,” Yusko told Kitco’s lead anchor. “Regulators step in and punish the industry.” It’s certainly possible that someone had the intention to emulate this so that they could,” he added. Yusko explained to Makori that decentralized finance, also known as defi, threatens traditional finance.
Unlike traditional finance, which is typically controlled by large banks and financial institutions, defi is decentralized, meaning it is not controlled by a single entity. Bitcoin (BTC) and his defi are challenging concepts such as fiat currency and central planning, Yusko told his Kitco broadcast host. Yusko and many crypto advocates believe that defi offers many advantages, including better accessibility, transparency and security. “[Blockchain] replaces trust with truth,” he explained to her Makori, Yusko.
“Who are the arbiters of trust today? Financial institutions, third-party intermediaries and a $7 trillion industry,” Yusko elaborated. “They don’t want to get in the way of defi and digital assets.
Yusko also noted that SBF’s “someone above” or Alameda Research’s Caroline Ellison worked to achieve a common goal at the expense of the cryptocurrency industry. pointed out the possibility. “I believe this debacle was a scam committed by someone more than a helpful idiot. This guy isn’t playing tenth-dimensional chess,” explained Morgan Creek CEO. Did. “A lot of money went to political candidates. We have evidence that [Sam Bankman-Fried] is saying he will donate $1 billion in the next election,” Yusko added.
Yusko is very bullish on Bitcoin (BTC), and in a interviewon May 6, 2020, Morgan Creek’s CEO said, He said he expects the leading crypto to take in $250,000. in 5 years. During the discussion, Yusko opined that the price of Bitcoin could also reach $400,000 to $500,000. In an interview with Makori, Yusko noted that if the U.S. over-regulated the industry, it would risk stagnation: “If regulation becomes too onerous, [cryptocurrencies] will only emerge in other jurisdictions.” ” he said Yusko. “So in the end [virtual currency] will win.”
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