26 September 2023

FTX CEO Sam Bankman-Fried Names Use Cases That Give Crypto the ‘Bulk of Its Power’


Crypto billionaire Sam Bankman-Fried is unveiling 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 chief executive outlines the use cases he believes give crypto “the bulk of its power.”

“At its core, one of the things that crypto is, is it’s a way to tokenize assets. And that’s obviously what happened with Bitcoin, was you had a natively digital asset that anyone could get access to and anyone could easily transfer to each other. And you could think of it a little bit like gold, but you don’t have to deal with gold bars, with much, much cleaner, easier access and with a full, auditable transaction history.

That’s one side of it. Another side of it is the blockchain, is the underlying networks, which are really cool, and what they are is, among other things, a way to have a full network where anyone can come in and open an account, anyone can send assets to anyone else instantly, cheaply, fully online, with the click of a button. Full ledger history of all of this. It’s sort of the perfect payment network to some extent.”

Bankman-Fried argues the blockchain is a “massively cleaner and easier way” to perform international remittances, which he says currently suffer from massive fees and risk of theft.

The FTX CEO also notes blockchain technology brings digitization, transparency, easy transferability and clear ownership to assets like currencies, real estate, stocks and personal items.

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Featured Image: Shutterstock/nawaz sharif/Boombastic

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