It should be noted that Bankman-Fried is one of the richest in the digital asset industry. According to the latest figures, his fortune is estimated at $22.5 billion. Only Binance founder Changpen Zhao, who has $96 billion, is richer than Sam. We've written more about niche asset allocation in a separate article.


What are the best cryptocurrencies to choose?

The day before, Bancman-Fried was a guest on a podcast called gm by the news publication Decrypt. One of the main topics of discussion on the show was altcoin blockchains, whose potential could allow them to take up significant market share for the foreseeable future.

Sam’s first candidate is the Solana project, of which he is an active supporter. Recall that Solana is based on the new Proof-of-History algorithm, which makes blockchain an excellent and low-cost platform for smart contracts and decentralised applications. That is, Solana has advantages over Etherium, but it is hundreds of times cheaper to use this blockchain. Here is Sam’s rejoinder on the subject.

This project has achieved something that only a small number of blockchains have achieved – scalability. Solana can make great strides in transaction processing at the level of major payment systems.

Note that Bank of America officials would agree with this view. Last week they named Solana as a top contender to become "Visa in the cryptocurrency world". Read more about this in a separate piece.

FTX head Sam Bankman-Fried

Second on the billionaire’s list of expectations is Avalanche’s blockchain. It is another “Etherium killer” and a direct competitor to Solana. The project was created by renowned academic and crypto-enthusiast Emin Gun Sirer.

Last year, Avalanche and Solana together made the list of the crypto industry’s most profitable investments, as their rates increased by leaps and bounds amid rising popularity. Here’s Sam’s quote on the subject, in which he shares his take on what’s happening.

This is real and cool blockchain. His team knows a lot about their craft and are willing to put a lot of work into their project. I’m not trying to say I know more about Avalanche’s prospects than its creators. It’s a cool blockchain and it has every prospect of taking huge market share in the future.

Avalanche’s growth in 2021

At the end, Bankman-Fried also mentioned not just one project, but an entire category – so-called wrapped versions or wrapped tokens. These are projects that allow you to create equivalents of other coins like BTC and ETH on faster blockchains. That is, they are essentially analogues of certain assets in other networks. They are also called synthetic tokens, and they can be used to achieve greater liquidity and mobility of cash flows within the crypto industry.

Wrapped tokens in general will expand over time. Since there is no interoperability between different blockchains, you have no choice but to use wrapped tokens more and more frequently.

The FTX chief summed up his speech by saying that Bitcoin itself as a “major market project” is not going anywhere. Therefore, long-term investments in BTC will still be very relevant.

I expect Bitcoin to remain at the heart of the cryptocurrency ecosystem. But the Bitcoin blockchain itself may even lose relevance when it comes to BTC transactions.

Bitcoin will always remain first!

In other words, bitcoins will increasingly start to be used precisely as wrapped versions of the original coins. And the aforementioned Solana and Avalanche will become much more popular and will surely push many projects down the cryptocurrency capitalisation rankings.


We believe that Sam's point of view is indeed true. After all, Solana and Avalanche were one of the big hits of last year, so there is no point in doubting their further development. Most likely, it will continue, and the role of Etherium in the industry due to too high commissions will gradually decrease. At the very least, this option seems logical.


What do you think about it? Share your opinion in our Millionaire Crypto Chat. We’ll talk about other topics related to the financial industry and decentralization there as well.