Sunday, January 23, 2022

Solana Could Become The Next Bitcoin, According To FTX’s Sam Bankman-Fried

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Sam Bankman-Fried, the founding father of the crypto trade FTX, is optimistic about Solana (SOL). He believes that Solana has the potential to scale to Bitcoin’s (BTC) mass adoption degree. Bankman-Fried added that Avalanche (AVAX) additionally has the potential to climb to the highest.

He additionally believes Solana is healthier than ethereum because it’s one of many few blockchains with a plan to accommodate mass adoption.

Related Reading | Solana Hits New All-Time High, Surpasses Cardano And Tether To Fourth Place

The 29-year outdated crypto founder has a web price of $22.5 billion, making him the youngest individual to enter the Forbes rich list after Mark Zuckerberg.

Cryptos With The Potential For Real Adoption

In an interview with Kitco News on Thursday, Bankman-Fried talked about bull and bear runs. And which initiatives would see mass institutional adoption.

When requested if he thinks Bitcoin would see its final Bull run in December earlier than finally crashing, Bankman-Fried responded that he couldn’t predict the long run. However, there’ll all the time be extra crashes in addition to extra bull runs. And within the subsequent few years, he expects to see “see substantial institutional adoption of cryptocurrencies.”

In the occasion of a crash, nevertheless, he says that initiatives with loyal followers and necessary use-cases usually tend to survive. Hype-driven initiatives, like meme cash, usually crash the toughest. “Projects that have real adoption, or potential for real adoption are the ones that loyalists will be backing, even during bear markets.”

Bankman-Fried additionally believes that Solana might be the subsequent Bitcoin. And that there’s a chance that it may see mass adoption very quickly. As he has beforehand stated, Solana has a believable roadmap to scale tens of millions of transactions per second. And that’s crucial indicator.

SOL buying and selling at $196.5 | Source: SOLUSD on TradingView.com

“I think Solana has a shot at doing so, which is really exciting. I think that there are other tokens out there as well that are aiming to scale a bit, and Avalanche is one of them.” He emphasised that the core know-how of each blockchain is one thing that’s arduous to overtake. Furthermore, he says that Solana may probably be the bottom for extra DeFi purposes sooner or later.

Bankman-Fried provides that Solana’s market cap may exceed Ethereum’s market. However, it’s arduous to make a concrete prediction. But one factor that can not be disputed is that Solana fixes plenty of issues with Ethereum. These embrace excessive fuel charges and low transaction charges. Subsequently, many have dubbed the community “ethereum killer.”

Solana Is Better Than Ethereum

Bankman-Fried believes that when it comes to scale, not many blockchains may evaluate to Solana. Earlier this month, he spoke at Yahoo Finance and Decrypts’s “Crypto Goes Mainstream” conference.

Related Reading | Why Billionaire Chamath Palihapitiya Invested In The Solana Ecosystem

“Solana is one of the few currently existing public blockchains that has a really plausible roadmap to scale millions of transactions per second at you know, fractions of a penny per transaction, which is a scale that you need for this,” Bankman-Fried stated.
“That is not where a lot of other blockchains have been focusing, including ethereum.”

Featured picture by Forbes, Chart from TradingView.com



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