FTX CEO Sam Bankman-Fried mentioned he’d be comfortable if Bitcoin ended the yr at $35,000

Bitcoin has taken a beating since its highs in November, however billionaire FTX CEO Sam Bankman-Fried thinks the ache could quickly come to an finish.

“I feel we’ve seen the worst already in crypto, I feel the carnage is usually over, there’s just a little extra to come back however it’s not very dangerous,” he told Fortune for an exclusive cover story. 

The world’s hottest cryptocurrency is down 67% from its excessive of about $69,000 final November and has been buying and selling beneath $25,000 since mid-June. Even after a brief soar to a 30-day excessive of $24,572 gave traders hope of an prolonged rally final week, Bitcoin was teetering on the $23,000 mark on Tuesday.

Regardless of Bitcoin’s setbacks, Bankman-Fried, generally generally known as SBF, mentioned it’s nonetheless attainable the cryptocurrency might hit $100,000—though he’d be content material with a a lot lower cost.

“When you informed me on the finish of the yr, Bitcoin is gonna be at $35Ok, I’d fucking take that,” Bankman-Fried informed Fortune.

Because the chief of one of many greatest crypto exchanges, FTX, in addition to the quantitative cryptocurrency buying and selling agency Alameda Analysis, Bankman-Fried has a whole lot of affect on the crypto sector, however what actually makes or breaks the cryptocurrency’s worth are macroeconomic elements outdoors of his management like excessive inflation and a attainable recession, he mentioned.

Barring a extreme deterioration of the general economic system, crypto is in for “a very wholesome, and sturdy, and fairly fast restoration, frankly,” Bankman-Fried mentioned.

A drop to $21,000 isn’t prone to trigger additional carnage within the crypto sector, he mentioned. But when different macro elements like a inventory market rout, sky-high rates of interest, and a recession hit the market, these results are prone to movement by crypto.

“If the Nasdaq has one other 25% left to drop, and if rates of interest are literally going as much as 7%, and if we’re going to be in a recession for 2 and a half years—in that world, I feel Bitcoin would possibly go all the way down to $15Ok or $10Ok. Then there could also be a brand new spherical of carnage that comes from that,” Bankman-Fried informed Fortune.
To be taught extra about the place SBF sees crypto costs going, in addition to his insights on deal-making and the way forward for the trade, you’ll want to try the full Fortune conversation.