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If you’re one of those anarchists who sees cryptocurrencies as an anti-establishment weapon, this might be uncomfortable for you. FTX CEO Sam Bankman-Fried expects a wave of regulatory moves starting in 2022 – and this, from his point of view, is an excellent thing.
In an interview for Bloomberg, the well-known cryptocurrency strategist shared his thoughts on the industry’s regulatory landscape, the state of NFTs, crypto gaming, the metaverse, and FTX’s strategies to raise its brand awareness.
And overall, Sam Bankman-Fried is very optimistic about it all.
Cryptocurrency Regulations: A Slow But Life-Changing Endeavor
Sam Bankman-Fried assured that the cryptocurrency industry, in general, has managed to gain the interest and respect of regulators around the world. Political efforts to touch this issue in Congress, the SEC, the CFTC, and other government offices is a sign of this progress.
And 2022 will be even busier in this regard, according to Bankman-Fried’s expectations.
As a good CEO of a cryptocurrency exchange, Sam Bankman-Fried believes that the government’s stance will serve to boost cryptocurrency trading, significantly facilitating the entry of large investors.
“I’m optimistic about it (the price of Bitcoin), And the things that make me optimistic basically are (related to) more regulatory clarity in the US and globally, -which I think could help a ton- and institutional adoption. And I think those are also related to each other.”
This view has also been shared by other prominent analysts and investors in the cryptocurrency space. One such example is Mike Novogratz, CEO of Galaxy Digital, who has warned about the impact of bad crypto-related policies, repeatedly voicing the importance of attracting institutional capital to fuel a new bull run and promote a more robust industry.
But Sam Bankman-Fried sees the process as gradual rather than a sudden event. He explained that he does not see something evident in the next 3 to 6 months but instead expects it to be a slow process that will be “stretched out” over a few years.
Sam Bankman-Fried Talks About The Broader Crypto Space
Sam Bankman-Fried also touched on other important points during his interview. He mentioned that almost every financial institution he has spoken to is interested in entering or exploring the space of cryptocurrencies and blockchain technologies.
He also said he expects that 2022 will mark the beginning of a significant breakthrough in stablecoins regulations and likely a greater involvement of the SEC and CFTC.
He also spoke of the potential for NFTs in the gaming industry, and the expansion of the metaverse. He believes that a proper crypto-gaming industry will take years to grow, but he does not deny the potential for it to become a global major industry:
“I think (we’ll be) starting to see digital assets make an appearance there (in the metaverse). I expect that’s going to happen in the next few years.”
For Sam Bankman-Fried, Meta (which is nothing more and nothing less than a metaverse-focused rebrand of the social media behemoth, Facebook) will be a catalyst for this growth. However, he expects activity around NFTs as we know them today to quiet down a bit before major players start to enter.