The current bearish phase of the market is temporary, and proof of this is the burgeoning Cryptocurrency exchange FTX hitting a $32 billion valuation.
FTX saw its valuation surge to $32 billion in a new funding round announced Monday.
According to a CNBC report, Monday, the company said that it raised $400 million in a Series C financing round — its third in the last nine months.
Sam Bankman-Fried, FTX’s CEO and co-founder, told CNBC in an interview, “I think we’re not entering a long-term crypto winter,” “There have been changes in expectations of interest rates, and that’s been moving crypto markets. But it’s been moving markets more generally as well.”
FTX said all investors, including Singaporean state investor Temasek, SoftBank’s Vision Fund 2, and Tiger Global, jumped aboard for its fundraising.
El Salvador President massive surge in BTC prices
El Salvador President Nayib Bukele has predicted a massive price surge in BTC values, and his logic is also foolproof. There are 50 million millionaires globally, and if each of them decides to own just one BTC, the supply is hopelessly short. Just 21 million BTC around.
Therefore a price rise is inevitable if we take the simple supply and demand ratio.
El Salvador was the first country to realize the potential; of BTC and is the only nation that has deemed BTC a legal tender.
In addition, El Salvador has also rolled the red carpet for BTC miners and asked the miners to make use of its bountiful geothermal energy sources, which is clean and green to mine BTC.