The downfall of FTX has triggered a significant drop in the price of BTC. Nonetheless, that in no case means that Bitcoin can be destroyed by failing digital asset firms, as per Bitcoin proponent Samson Mow.
As per the executive, FTX contagion might be part of the Terra ecosystem collapse, which caused a domino effect on the industry including key virtual currency lenders like Voyager and Celsius.
Mow predicted that more things like this will continue to happen in the virtual asset space because all of these projects are worthless houses of cards. He further added that FTX’s failure was “easy to see coming” due to FTX’s relationship with Alameda.
JAN3 CEO stated,
“A general rule of thumb is if a company prints a token out of thin air and either sells it to retail, or relies on it as an asset, you should expect them to collapse eventually”
Mow, the former chief strategy officer at Blockstream, is a major Bitcoin advocate and founder of the game development company Pixelmatic. He is also the chief executive officer of the BTC technology company JAN3, which is primarily focused on promoting Bitcoin and accelerating hyper-Bitcoinization. In the month of April, the company signed an agreement with the El Salvador government and president Nayib Bukele to assist the nation in developing digital infrastructure and setting up Bitcoin City.
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