Solana Has a Real Shot at Becoming the Next Bitcoin

The Founder of the cryptocurrency alternate FTX – Sam Bankman-Fried – believes Solana (SOL) may turn into the subsequent most dominant digital asset project. He added that Avalanche (AVAX) is one other blockchain community that may climb to the prime.

‘I’m Optimistic on Solana’

In a current interview for Kitco News, the 29-year-old American shared his ideas on the present cryptocurrency panorama and which tasks may outlive a potential market crash.

Asked if this was the final bull-run in the sector, Bankman-Fried asserted that there’ll at all times be crashes adopted by worth will increase. In the subsequent two years, he expects to “see substantial institutional adoption of cryptocurrencies,” which can profit the total ecosystem.

FTX’s CEO didn’t rule out the chance of experiencing a 2018-style bear market. Nonetheless, he thinks that the blockchain protocols with loyal supporters and essential use-cases wouldn’t vanish even in such harsh circumstances. Hype-related tasks reminiscent of memecoins usually tend to plummet:

“The projects that you see surviving the best are the ones which have huge really loyal followers and the ones that have really important use-cases. I think the ones that seem more like hype-driven often crash the hardest.”

Bankman-Fried believes Solana suits into the description of a significant project outlining its capability to scale tens of millions of transactions per second. As such, it may turn into a key a part of the monetary community and even flip into the new Bitcoin or Ethereum.

“Solana has a real shot at doing so, which I think is really exciting.”

It is value noting that Solana just isn’t his solely decide as he’s additionally a believer in Avalanche:

“I think that there are other tokens out there as well that are aiming to scale a bit, and Avalanche is one of them.”

FTX CEO, Sam Bankman-Fried. Source: Bloomberg

The Squid Game Saga

In October, the Squid Game token (SQUID) grew to become certainly one of the hottest property in the cryptocurrency space, and many individuals invested in it. The enthusiasm round it was so huge that at one level, it surged by 110,000% in a matter of a few days. However, at the starting of November, it acquired rug-pulled by its creators, and its worth tanked by 99.99%.

According to Bankman-Fried, such shady tasks will at all times exist in the space. He mentioned folks ought to by no means make investments greater than they’re “willing to lose.”

He identified two main purple flags on the SQUID saga: the creators of the token weren’t “affiliated with the Netflix Series,” they usually had been nameless:

“If you don’t know who that person is and you have no trust in them, there’s always going to be the risk of a rug pull. If they don’t own any tokens and can’t mint any more tokens, there’s a lot less than they could do potentially to gain value at the expense of the purchasers of the token.”

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