Crypto Has Massive Power, FTX CEO Says

FTX founder and chief executive officer, Sam Bankman-Fried made an appearance on Andre Iguodala’s Point Forward podcast where he discussed cryptocurrencies and blockchain technology.

The crypto billionaire told the NBA Star that digital assets like Bitcoin are much cleaner and transparent than any other asset, for example gold.

“At its core, one of the things that crypto is, is that it is a way to tokenize assets. Which is obviously what happened with Bitcoin, where you had a natively digital asset that anyone could get access to and anyone could easily transfer to each other. You could think of it a little bit like gold, but without having 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, and the underlying networks, which are really cool, and, among other things, they are 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 is sort of the perfect payment network to some extent.”

The FTX CEO continued and said that when it comes to international remittances, blockchain is a great alternative to the traditional operations, as it is much easier to use and also a clean technology.

Adding to his case for, Bankman-Fried said that transparency, ease of transferability and clear ownership, all characteristics of blockchain technology, are now showing in traditional assets, currencies, real estate, stocks and other personal things, as a result of further digitization.