Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

FTX CEO Sam Bankman-Fried Calls Dogecoin the Asset of the Year

FTX CEO Sam Bankman-Fried Calls Dogecoin the Asset of the Year

According to Sam Bankman-Fried, a 29-year-old billionaire, and the CEO of crypto derivatives exchange FTX, the meme cryptocurrency Dogecoin (DOGE) is the asset of the year.

According to Sam Bankman-Fried, a 29-year-old billionaire, and the CEO of crypto derivatives exchange FTX, the meme cryptocurrency Dogecoin (DOGE) is the asset of the year.

In a recent interview on The Jax Jones and Martin Warner Show, the young executive explains how economic conditions in the past year have driven retail investors to bet on the Shiba Inu-themed crypto asset.

“If there’s like an asset of the year for 2020 and 2021, it would be Dogecoin. That is the asset that accurately reflects our current economic climate. That is the asset that we have all chosen and that we deserve for better or for worse.

I don’t say that as an endorsement or an anti-endorsement. I’m not trying to take a position on it. I’m just saying everything we as a society have decided over the last year has been dragging us closer and closer to the Dogecoin financial standard.”

He also points out the reason why retail investors started to pay attention to Dogecoin.

“What have we done as a society that makes, you know, when did we swipe right on Dogecoin?

There’s just been a ton of things and Elon, he’s actually powerful. He is the most influential man in the world when it comes to financial assets right now. His tweets move markets. He chose Dogecoin, and no one was surprised.

Everyone kind of knew he’d choose Dogecoin… and we chose Elon. We signed up for this. We signed up for some amount of self-aware mockery for some amount of, you know, a sense of humor and for some amount of challenging norms and saying, ‘Okay, but seriously, maybe what makes your thing better than Dogecoin? You know, no, really answer me that. Yes, I realize it’s a meme. My question still stands.’”

Bankman-Fried talks about the importance of social media as well, highlighting that social media channels such as Reddit and Twitter have provided the retail investors a platform to come together and challenge institutional investors.

“All of a sudden for the first time, 10 million people all across the world can get together and tweet at each other and, you know, agree via sh*tposting memes on Reddit and Twitter about what they’re into, and they can coordinate not explicitly even just implicitly. You put those 10 million people together, and even if they only have a $1,000 each, that’s 10 billion dollars of inflows, and that rivals the inflows that you get from the biggest institutions in the world.

All of a sudden, you have this global decentralized network of bored people at home on their computers who collectively are the biggest pension fund, the biggest mutual fund, the biggest ETF (exchange-traded fund) in the world, and they don’t have the same fiduciary duty to shareholders that Fidelity has. They don’t have the same institutional history. They can buy whatever they want, and if they want to buy a Dogecoin, they’re going to buy a DOGE.”

Source: FTX CEO Sam Bankman-Fried Calls Dogecoin the Asset of the Year – Fintechs.fi

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Elon Musk Unveils Grokipedia: An AI-Driven Alternative to Wikipedia
Russia’s President Putin Declares Burevestnik Nuclear Cruise Missile Ready for Deployment
US Administration Under President Donald Trump Reportedly Lifts Ban on Ukraine’s Use of Storm Shadow Missiles Against Russia
White House Announces No Imminent Summit Between Trump and Putin
China Presses Netherlands to “properly” Resolve the Nexperia Seizure as Supply Chain Risks Grow
Merz Attacks Migrants, Sparks Uproar, and Refuses to Apologize: “Ask Your Daughters”
Apple Challenges EU Digital Markets Act Crackdown in Landmark Court Battle
Shouting Match at the White House: 'Trump Cursed, Threw Maps, and Told Zelensky – "Putin Will Destroy You"'
‘No Kings’ Protests Inflate Numbers — But History Shows Nations Collapse Without Strong Executive Power
"The Tsunami Is Coming, and It’s Massive": The World’s Richest Man Unveils a New AI Vision
EU Moves to Use Frozen Russian Assets to Buy U.S. Weapons for Ukraine
Europe Emerges as the Biggest Casualty in U.S.-China Rare Earth Rivalry
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
The Sydney Sweeney and Jeans Storm: “The Outcome Surpassed Our Wildest Dreams”
Dutch Government Seizes Chipmaker After U.S. Presses for Removal of Chinese CEO
AI and Cybersecurity at Forefront as GITEX Global 2025 Kicks Off in Dubai
Ex-Microsoft Engineer Confirms Famous Windows XP Key Was Leaked Corporate License, Not a Hack
Hungarian Prime Minister Viktor Orbán stated that Hungary will not adopt the euro because the European Union is falling apart.
Mayor in western Germany in intensive care after stabbing
Australian government pays Deloitte nearly half a million dollars for a report built on fabricated quotes, fake citations, and AI-generated nonsense.
BYD’s UK Sales Soar Nearly Nine-Fold, Making Britain Its Biggest Market Outside China
Latvia to Bar Tourist and Occasional Buses to Russia and Belarus Until 2026
Wave of Complaints Against Apple Over iPhone 17 Pro’s Scratch Sensitivity
Munich Airport Reopens After Second Drone Shutdown
Pro Europe and Anti-War Babiš Poised to Return to Power After Czech Parliamentary Vote
Sean ‘Diddy’ Combs Sentenced to Fifty Months in Prison Following Prostitution Conviction
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
The Personality Rights Challenge in India’s AI Era
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Study Finds No Safe Level of Alcohol for Dementia Risk
Trump Says Ukraine Can Fully Restore Borders with NATO Backing
Europe Signals Stronger Support for Taiwan at Major Taipei Defence Show
Germany Weighs Excluding France from Key European Fighter Jet Programme
Cyberattack Disrupts Check-in and Boarding Systems at Major European Airports
Björn Borg Breaks Silence: Memoir Reveals Addiction, Shame and Cancer Battle
When Extremism Hijacks Idealism: How the Baader-Meinhof Gang Emerged and Fell
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
Trump Orders $100,000 Fee on H-1B Visas and Launches ‘Gold Card’ Immigration Pathway
France’s Looming Budget Crisis and Political Fracture Raise Fears of Becoming Europe’s “Sick Man”
Three Russian MiG-31 Jets Breach Estonian Airspace in ‘Unprecedentedly Brazen’ NATO Incident
European manufacturers against ban on polluting cars: "The industry may collapse"
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
Christian Brueckner Released from German Prison after Serving Unrelated Sentence
×