FTX’s Sam Bankman-Fried is willing to lose money to ensure the cryptocurrency industry works as it should.
Bankman-Fried, co-founder and CEO of FTX, told attendees at the Bloomberg Crypto Summit in New York on Tuesday that he doesn’t mind losing some money if his bailouts keep crypto infrastructure running.
The FTX chief said market leaders have to spend money to make sure everything is working as it’s supposed to. He said;
“It’s okay to get a halfway bad deal when it comes to saving a place. The yardstick isn’t: is this a good return on investment? It’s more about maintaining the health of the entire industry.”
The cryptocurrency market has been in a bearish trend for the past few months and this has hit numerous cryptocurrency companies. Bankman-Fried said he committed $1 billion.
Bankman-Fried has already spent hundreds of millions of dollars to bail out companies like BlockFi and Voyager Digital. However, it didn’t work out as planned.
FTX has an option to acquire BlockFi for $240 million while Voyager Digital filed for bankruptcy earlier this month.
When asked about the Voyager Digital bailout, Bankman-Fried laughed and shrugged at the money being spent on the company.
According to Bankman-Fried, the struggles in the broader market are not over, with just as many companies struggling with their finances. He explained that the conversations he had with some crypto companies revealed that many of them are still unsure about their financial situation.
However, Bankman-Fried said he is interested in helping cryptocurrency companies figure out their finances.
Bankman-Fried announced that FTX has plans to buy Bitcoins. However, the company will only do this if the leading cryptocurrency hits a certain number. He said;
“We eventually had real conversations. There was a price. We didn’t reach that price.”
The broader cryptocurrency market has performed well over the past few days, with Bitcoin currently trading above $23,000 per coin.
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