Crypto billionaire says Fed is driving current downturn
FTX CEO Sam Bankman-Fried says that, until investors get used to higher interest rates, risk assets, including cryptocurrency, won't recover.
Cryptocurrencies are going through a spectacular crash and the head of one of the largest crypto exchanges says the Federal Reserve is responsible for this downturn.
"The core driver of this has been the Fed," said Sam Bankman-Fried, the CEO of FTX, whose app and sites are used by investors to buy and sell digital currencies.
The Fed is raising interest rates aggressively to fight high inflation, and that has led to a "recalibration" of expectations of risk, Bankman-Fried told NPR.
The said he appreciates the difficulty of what the central bank is trying
