FTX CEO dismisses the probability that he is getting ready to get cryptocurrency mining providers

Not only by participating in the “bailout” of crypto platforms in terms of loans, FTX CEO Sam Bankman-Fried is also explained to be focusing on cryptocurrency miners. So what is the story with this?

Notably, FTX CEO Sam Bankman-Fried has denied quite a few rumors that the exchange is exploring acquisitions of the troubled cryptocurrency mining company through a March three, 07 Twitter submit that he is personally not interested in this area.

I’m seriously not positive why the meme about FTX and mining providers is spreading, the real quote was that we are * not * seriously hunting into the area.

– SBF (@SBF_FTX) July 3, 2022

“I don’t understand why there is so much speculation about the acquisition of FTX mining companies that are spreading across all social media, in fact we don’t really care much about this space.”

Perhaps, all the speculation comes from Sam Bankman-Fried’s interview with Bloomberg on July one, soon after the CEO of FTX explained he did not want to miss out on an thrilling chance in the mining market.

“There could be huge potential for us in cryptocurrency mining, so I certainly don’t want to undermine that.”

Sam Bankman-Fried, the co-founder of cryptocurrency exchange FTX US who just signed a deal with BlockFi, explained he is prepared to take a look at acquisitions in the cryptocurrency mining sector in crisis. https://t.co/7wDxE3VtmP

– Bloomberg Asia (@BloombergAsia) 1 July 2022

However, the quote from the FTX CEO seems to have been somewhat “exaggerated” by Bloomberg, forcing him to clarify that the corporation is not notably interested in miners but is pleased to have the chance to sit down and chat with the miners. .

To be clear I explained far more or much less “meh, not particularly looking at miners, but sure, happy to have conversations with any company” https://t.co/liHKS2y06Z

– SBF (@SBF_FTX) 1 July 2022

At the exact same time, Sam Bankman-Fried also explained that miners are not suited to the company’s core tactic for FTX to aim for acquisition.

“I see no particular reason in the cryptocurrency mining industry why FTX should adopt the buyback orientation, which we are pursuing.”

In common, in the previous, the CEO of FTX has been embroiled quite a few occasions with false accusations from the local community and the media about his ideas to assistance and get hard cryptocurrency providers for the duration of the company’s economic downturn. it is rumored to be obtaining the Robinhood platform final week. Because Mr. Sam Bankman-Fried is noticed as a central celebrity who is “reaching out” to conserve the cryptocurrency industry.

– See far more: FTX CEO Warns: “More Cryptocurrency Exchanges Are Going to Default”

Considering the present state of the mining market, traders have each and every purpose to think in the concept just pointed out. Bitcoin miners have noticed a substantial modify in place due to the fact March 2020, going from unprecedented income to far more severely compressed income in May 2022.

Bitcoin’s decline to $ 17,600, 70% beneath its all-time substantial of $ 69,000, led them to begin triggering a wave of widespread marketing, which continually place strain on BTC’s value response. It can be explained that suitable now is the time when miners are in the most caught state.

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