Sam Bankman-Fried, founder of FTX and CEO, ended 2021 with an optimistic note. SBF waxed lyrical on the state of the crypto market in 2021, while revealing the roadmap to FTX 2022 via a Twitter flood.
He believes there are three keystones for industry growth in 2022: regulation and scaling. He offers solutions, referencing the involvement of his exchange.
SBF suggests that stablecoins should be more transparently reported and audited. He states that transparency is key to solving “80% of the problems” and allowing stablecoins thrive onshore.
Second, although crypto users are estimated to be around 200 million, they “punch way above their weight”. To achieve mainstream adoption, more blockchain network effects will be needed.
FTX is at the forefront of this effort. Their user count doubled in quarter 4 and they are now one of the most popular crypto exchanges with a valuation of $25 billion. SBF explained that smart contracts have opened the door to Metaverse, Decentralized Finance (DeFi), and Web3 development, but video games could lead to massive scaling.
“Tapping into existing video game users could yield huge-billions in revenue and hundreds of billions each year.”
He adds that “this only makes sense when it makes the virtual realms more engaging than less.” Blockchain integrations into games, such as NFTs only work if they enhance an already great game or experience.
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Last but not least, cryptocurrency transactions need to change gears. Industrial-scale applications require more than 50,000 transactions per second. The other two problems cannot be solved without high speeds. He jokes:
“I laugh whenever a blockchain claims they are fast. They aren’t! (…) Fast is millions of TPS. “No one is there yet.”
Forbes ranks SBF as the richest person in crypto at $26.5 billion. This puts him just outside the top 100 most powerful people in the world. He is a well-known figure and no stranger to the spotlight. He shares Twitter with Tom Brady and was named Cointelegraph’s third most prominent person in blockchain in 2021.