It’s been just revealed that the price of Bitcoin will benefit from FTX collapse. Check out the latest reports about this below.
FTX collapse can benefit Bitcoin’s price in the future
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $23,371.
MicroStrategy founder Michael Saylor said that the crypto scandals and bankruptcies of 2022 would benefit Bitcoin (BTC) in the long run.
In a new fourth-quarter MicroStrategy earnings call, the Bitcoin bull predicted that there is a more rational approach to projects and enterprises in the crypto space in the aftermath of the many failures last year, including the FTX implosion.
He explained the fact that there are many of the token projects fell apart during the challenging microeconomic conditions in 2022, and they were doomed from the start due to weak use cases.
He also says Bitcoin’s strength as a decentralized digital commodity was underscored by the failures of other projects that did not share those same qualities.
“If you look at the microeconomic situation in the past 12 months, most of the crypto enterprises and the crypto assets and the crypto use cases have melted down in that time period. Of course, we know the stories of the bankruptcies of BlockFi and Celsius and FTX, Genesis and Voyager, and Alameda.”
The same notes reveal the following:
“And we also know about the meltdowns of all the crypto tokens, the LUNA token, the Terra token, the FTT token, etc. In our opinion, these were all very weak use cases, and they are very fragile structures. And it was a matter of time before they do melt down.”
Earlier today, we revealed that there are a lot of moves that show the fact that the crypto markets are getting ready for a big race.