Solana Could Become The Next Bitcoin, According To FTX’s Sam Bankman-Fried
Sam Bankman-Fried, the founder of the crypto exchange FTX, is optimistic about Solana (SOL). He believes that Solana has the potential to scale to Bitcoin’s (BTC) mass adoption level. Bankman-Fried added that Avalanche (AVAX) also has the potential to climb to the top.
He also believes Solana is better than ethereum as it’s one of the few blockchains with a plan to accommodate mass adoption.
The 29-year old crypto founder has a net worth of $22.5 billion, making him the youngest person to enter the Forbes rich list after Mark Zuckerberg.
Cryptos With The Potential For Real Adoption
In an interview with Kitco News on Thursday, Bankman-Fried talked about bull and bear runs. And which projects would see mass institutional adoption.
When asked if he thinks Bitcoin would see its last Bull run in December before eventually crashing, Bankman-Fried responded that he could not predict the future. However, there will always be more crashes as well as more bull runs. And in the next few years, he expects to see “see substantial institutional adoption of cryptocurrencies.”
In the event of a crash, however, he says that projects with loyal followers and important use-cases are more likely to survive. Hype-driven projects, like meme coins, often crash the hardest. “Projects that have real adoption, or potential for real adoption are the ones that loyalists will be backing, even during bear markets.”
Bankman-Fried also believes that Solana could be the next Bitcoin. And that there is a possibility that it could see mass adoption very soon. As he has previously said, Solana has a plausible roadmap to scale millions of transactions per second. And that is the most important indicator.
SOL trading at $196.5 | Source: SOLUSD on TradingView.com
“I think Solana has a shot at doing so, which is really exciting. I think that there are other tokens out there as well that are aiming to scale a bit, and Avalanche is one of them.” He emphasized that the core technology of every blockchain is something that is hard to overhaul. Furthermore, he says that Solana could potentially be the base for more DeFi applications in the future.
Bankman-Fried adds that Solana’s market cap could exceed Ethereum’s market. However, it is hard to make a concrete prediction. But one thing that cannot be disputed is that Solana fixes a lot of problems with Ethereum. These include high gas fees and low transaction rates. Subsequently, many have dubbed the network “ethereum killer.”
Solana Is Better Than Ethereum
Bankman-Fried believes that in terms of scale, not many blockchains could compare to Solana. Earlier this month, he spoke at Yahoo Finance and Decrypts’s “Crypto Goes Mainstream” conference.
Related Reading | Why Billionaire Chamath Palihapitiya Invested In The Solana Ecosystem
“Solana is one of the few currently existing public blockchains that has a really plausible roadmap to scale millions of transactions per second at you know, fractions of a penny per transaction, which is a scale that you need for this,” Bankman-Fried said.
“That is not where a lot of other blockchains have been focusing, including ethereum.”
Featured image by Forbes, Chart from TradingView.com