This Altcoin Project Could Scale to the Magnitude of Ethereum, Says Crypto Billionaire Sam Bankman-Fried

Sam Bankman-Fried, CEO of crypto derivatives exchange FTX, thinks one altcoin project could potentially surpass Ethereum (ETH) and become a dominant force in the crypto space across the world.

Bankman-Fried says in a new interview with Kitco News that he examines what it would take to have 1 billion people use cryptocurrency and blockchain infrastructure. He says if people end up using blockchain infrastructure at the same level they use social media or finance today, it will probably create millions of transactions per second.

“One thing that I’ve thought about a lot is what are the blockchains that could scale to that level? That could scale to millions of transactions per second in a composable, native way. I’ve been on the record a lot saying that I think Solana has a real shot at doing so, which I think is really exciting.”

Solana (SOL) is a blockchain focused on being scalable while remaining secure and decentralized. The smart contract platform’s native token, SOL, is trading at $195.60 at time of writing and is down more than 5.31% on the day.

When asked if he thought Solana could exceed Ethereum’s market cap, Bankman-Fried leaves it up in the air, saying, “It could happen. It could never happen.” However, the FTX CEO also notes that Solana’s infrastructure is poised to provide financial services to billions of users around the globe.

“[Solana] has the potential to host DeFi (decentralized finance) applications for hundreds of millions to billions of people on top of it with a giant composable ecosystem. Again, that’s not saying it necessarily will happen, but it could happen, and I think that’s really exciting.”  


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Featured Image: Shutterstock/Pavel Chagochkin/Vladimir Sazonov

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