FTX CEO Sam Bankman-Fried Names Use Cases That Give Crypto ‘The Bulk Of Its Power’
Crypto billionaire Sam Bankman-Fried unveils the most impactful use cases of crypto and blockchain technology.
In a new interview on the Point Forward podcast with NBA star Andre Iguodala, the FTX boss outlines the use cases he believes give crypto “the bulk of its power.”
“At its core, one of the things that crypto is, it’s a way to tokenize assets. And that’s obviously what happened with Bitcoin, is you had a natural digital asset that anyone could access and anyone could easily transfer to each other. And you can think of it a bit like gold, but you don’t have to deal with bullion, with much, much cleaner, easier access and with a full, verifiable transaction history.
That is one side of the story. Another side of that is the blockchain, is the underlying networks, which are really cool, and what they are is, among other things, a way to have a complete network where anybody can come in and open an account, anybody can send assets to everyone else instantly, cheaply, completely online, with the click of a button. Full history of all this. It’s kind of the perfect payment network to some extent.”
Bankman-Fried claims the blockchain is a “massively cleaner and simpler way” to carry out international money transfers, which he says currently suffer from huge fees and the risk of theft.
The FTX boss also notes that blockchain technology brings digitization, transparency, easy transferability and clear ownership of assets such as currency, real estate, shares and personal assets.
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