Crypto billionaire says Fed is driving current downturn
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CEO of one of the largest crypto exchanges says the Federal Reserve is responsible for this downturn. Sam Bankman-Fried says the Fed is raising interest rates aggressively to fight high inflation. Bitcoin, Ether and other cryptocurrencies have been in meltdown mode. FTX CEO says he appreciates the difficulty of what the central bank is trying to do, noting it is "caught between a rock and a hard place" The biggest worry is what effect this will have on the large universe of amateur investors who have loaded up on cryptocurrencies just in the past couple of years. In 2021, the total value of cryptocurrency swelled to $3 trillion, as the crypto industry made an all-out push to attract amateur investors and increase brand recognition, according to a survey. Source