Amid the collapse of FTX, the richest man in the world, Elon Musk, named three cryptocoins that he thinks “probably” have a future. He also shared his opinion about Sam Bakman-Fried.
Musk continues to believe in cryptocurrencies
Elon Musk is seen as a hugely influential figure in the crypto world and any comment or announcement from him about a crypto coin can greatly change the performance of the token. At around 2:30 a.m. on Saturday, Musk participated in a session on Twitter Spaces with more than 954,000 listeners. Here we talked about the FTX hack and Musk shared his thoughts on former FTX CEO, Sam Bankman-Fried.
The tech billionaire said what happened to FTX was a sign that investors shouldn’t hold their crypto on exchanges. Instead, they had to keep the crypto in cold wallets.
I would like to reaffirm that if you own crypto you must have it in a readily accessible cold wallet. Not in the crypto exchange. That would be wise.
—Elon Musk
Musk is confident in the future of three crypto coins
While Musk was critical of the former CEO of FTX, he noted that he still believes in the cryptocurrency industry. He even mentioned the three cryptocurrencies he thinks have a future.
I think there is probably a future for Bitcoin, Ethereum and DOGE. I can’t really talk to the others. But if you have one of those three in a cold wallet and on an exchange, I think it works out well.
—Elon Musk
What does Musk think of Sam Bankman Fried?
Musk also shared what he thinks of Sam Bankman-Fried, who he had a chance to talk to in April. Musk said the following on Twitterspace:
Honestly, I had never heard of him. But then a lot of people told me that he has, you know, huge amount of money that he wants to invest in the Twitter deal. And I talked to him for about half an hour. And I knew my bullsh*t detector was kicking in. It was like this guy was selling bullsh*t. That was my impression.