Richest Crypto Man Says Meme Cycles Could Be Your Most Important Investment Strategy
FTX co-founder Sam Bankman-Fried did not rule out that Solana could possibly overtake Ethereum when it appeared on Kitco:
It could happen. It could never happen.
Richest crypto billionaire claims Ethereum’s native token could see wide institutional adoption even if the underlying blockchain fails to achieve the same feat.
At the same time, he drew attention to the composability issues regarding Ethereum 2.0. As the second largest blockchain will be able to dramatically increase its throughput capacity using sharding, synchronous operations will become an issue.
Since there will be no native composability, DeFi applications will have no choice but to move to the same fragment.
Bankman-Fried also claims that Solana could be disrupted by another competing blockchain.
Solana significantly outperformed
Memes are important
Asked about the specific criteria people should consider when choosing a specific cryptocurrency project, Bankman-Fried said investors should follow memes cycles:
Memes are fucking important … They run the market.
However, the crypto mogul, whose net worth is estimated at $ 22.5 billion, warned his audience that stocks and meme coins tend to be risky.
Coins like Dogecoin and Shiba Inu have reigned supreme this year, generating breathtaking returns.
However, the Squid Games coin scam, which robbed its holders of millions of dollars, also showed the ugly side of fun cryptocurrencies.
Sam Bankman-Fried urges buyers to never invest more than they are willing to lose:
No matter what you invest in, it could actually go down by 90%.