Bitcoin billionaire Sam Bankman-Fried says a 'crypto autumn' may be here, and that Fed policy will keep driving price swings

Sam Bankman-Fried co-founded FTX.

The "autumn" may be where digital assets are, rather than the "Winter" that many fear.

He told Insider that there's still a lot of excitement around cryptocurrencies.

The Fed is likely to be the main driver of digital asset markets in the coming months, according to the 29-year-old.

The Federal Reserve will remain the main driver of digital asset markets in the coming months, according to Sam Bankman-Fried.

Since hitting a record high in November, cryptocurrencies have fallen as investors worry about the Fed raising interest rates.

There is chatter of a "crypto winter", a period when prices fall and stay low for a year or more.

Bankman-Fried told Insider that he doesn't think it's really a winter. There is still a lot of activity in this space.

He said an "autumn" may be a better way to think about it. He said that there has been a slowdown.

The 29-year-old, who's worth around $25 billion, said Fed policy is the biggest driver of the market right now.

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As the Fed prepares to end its monetary policy that boosted riskier investments in 2020 and 2021, shares in unprofitable technology companies have fallen.

Bank stocks and commodities are more economically sensitive bets for investors. In November, it was close to $69,000, but on Wednesday it was around $46,000.

"To the extent that Fed policy remains one of the core drivers of market movements, I think we're going to continue to see that pretty strong correlation over the next, probably, months," Bankman-Fried said.

Bankman-Fried's FTX exchange has not been affected by the recent downturn in thecryptocurrencies. It raised $400 million from major investment firms to reach a valuation of $32 billion.

Bankman-Fried told Insider that there has been a slight decrease in trading activity on FTX. He said that volumes are not down a ton and that things have been volatile.

The exchange paid top dollar to run a commercial featuring comedian Larry David at the Super Bowl. In a sign of the industry's growing wealth, other exchanges ran ads.

The original article is on Business Insider.

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Source: finance.yahoo.com