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Billionaire CEO Exposes Link Between Cryptos and Stocks

Published 07/06/2021, 04:20 AM
Updated 07/06/2021, 04:30 AM
Billionaire CEO Exposes Link Between Cryptos and Stocks

  • Billionaire CEO exposes link between cryptos and stocks.
  • Also, he said people are more interested in trading both stocks and cryptos.

According to Forbes, a billionaire CEO revealed the link between Bitcoin, Ethereum, Dogecoin, Facebook (NASDAQ:FB), and Tesla (NASDAQ:TSLA). The billionaire is none but Sam Bankman-Fried, the CEO and founder of FTX.

When the bitcoin price jumped in May, some stocks also soared. This includes Tesla, GameStop (NYSE:GME), and AMC. As a result, the likes of Facebook have also grown as investors pile into tech companies.

Following this, Bankman-Fried said in the outcome of trading restrictions placed on some stocks in an attempt to calm markets, “hundreds of millions of dollars” rolled into meme-based crypto Dogecoin. The billionaire is the one who predicted a “convergence” between “crypto and the mainstream.”

Sam Bankman-Fried, the CEO and founder of FTX, said,

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