The CEO of cryptoderivatives FTX (29-year-old millionaire CEO) thinks the Dogecoin meme cryptocurrency (DOGE) to be the annual assets.
Sam Bankman-Fried reveals in a recent interview about Jax Jones and Martin Warner Show how ordinary investors have been driven into betting on Shiba's innovative crypto asset during the previous year.
"When the year 2020 and 2021's like an asset, it's the Dogecoin. That is what our present economic situation truly portrays. This is the asset we all have chosen and deserve for better or worse.
I don't mention it as a backing or a backing. There's no point I'm attempting to take on it. I merely say that over the last year everything that we have decided in society has brought us closer and closer to the financial standard of the Dogecoin."
The time when retail investors began taking Doguecoin into account also emphasizes Bankman-Fried.
"How did we as a culture, when did we swipe to Dogecoin right now, you know?
There was only a ton of stuff and Elon, in fact, is strong. In financial assets right now, he is the most influential guy in the world. His tweets are changing markets. And nobody was shocked. He selected Dogecoin.
All kind of knew Dogecoin was going to select... And we selected Elon. And we chose Elon. We've subscribed to this. For some sense of humor and a number of difficult norms, you know, we've signed up for some self-aware mocking and say: 'All right, but really, perhaps what's better than Dogecoin for it? No, actually reply to me. You know, not. Yeah, I know this is a meme. I still have my question.'"
Bankman Fried lends credit to social media as well, noting that ordinary investors have a platform to meet and confront institutional investors on social channels like Reddit and Twitter.
"Ten million individuals across the world are now able to get together and tweet each other and, knowingly, agree on what they have been doing with sh*tposting on Reddit and Twitter, and not even expressly, even implicitly, can coordinate them. You put these ten million individuals in place, but even if they have just one million dollars apiece, that's 10 billion dollars in inflows, which compete with the inflows you get from the world's major institutions.
Suddenly, on the computer, you have a global network of bored individuals, who are the largest pension funds, the largest mutual fund, the largest ETF worldwide, and don't bear the same fiducial obligation to shareholders that Fidelity does. The institutional history is not the same for them. You may purchase anything you want and if you want to buy a Dogecoin, you'll buy a DOGE."
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