Sam Bankman-Fried: Solana (SOL) Could Scale To Bitcoin (BTC) Adoption Level
Founder of the crypto exchange FTX, Sam Bankman-Fried, is a big believer in Solana (SOL). According to him, Solana could scale to Bitcoin’s (BTC) mass adoption level.
Bankman-Fried opined that Solana is better than Ethereum as it’s one of the few blockchains with a plan to accommodate mass adoption.
In an interview with Kitco News on Thursday, the FTX founder talked about bull and bear runs, and which projects would see mass institutional adoption.
When asked if he thinks Bitcoin would see its last Bull run in December before eventually crashing, the billionaire said that he can’t predict the future. However, there will always be more crashes as well as more bull runs. And in the next few years, he expects to see “see substantial institutional adoption of cryptocurrencies.”
According to him, projects with loyal followers and important use-cases are more likely to survive. Hype-driven projects, like meme coins, often crash the hardest.
“Projects that have real adoption, or potential for real adoption are the ones that loyalists will be backing, even during bear markets.”
Bankman-Fried also believes that Solana could be the next Bitcoin. And that there is a possibility that it could see mass adoption very soon. As he has previously said, Solana has a plausible roadmap to scale millions of transactions per second. And that is the most important indicator.
“I think Solana has a shot at doing so, which is really exciting. I think that there are other tokens out there as well that are aiming to scale a bit, and Avalanche is one of them.”
He said that the core technology of every blockchain is something that is hard to overhaul. Solana could potentially be the base for more DeFi applications in the future, he continued.
Bankman-Fried adds that Solana’s market cap could exceed Ethereum’s market, but it is hard to make a firm prediction. But one thing that is clear is that Solana fixes a lot of problems with Ethereum. These include high gas fees and low transaction rates. And, many have dubbed the network “ethereum killer.”
Earlier this month, Bankman-Fried spoke at Yahoo Finance and Decrypts’s “Crypto Goes Mainstream” conference and said:
“Solana is one of the few currently existing public blockchains that has a really plausible roadmap to scale millions of transactions per second at you know, fractions of a penny per transaction, which is a scale that you need for this.
That is not where a lot of other blockchains have been focusing, including ethereum.”
