Billionaire Sam Bankman-Freed has become immensely popular in the cryptocurrency community for his farsightedness and investment savvy. The founder of the popular FTX exchange, also known as SBF, has managed to become a crypto billionaire in a very short time and take his trading platform to the top of the industry in just a few years.
One of Sam’s most famous statements this year was a dispute with cryptocurrency hobbyist Coinmamba, who had doubts about billionaire-backed startup Solana. Then Bankman-Freed made on Twitter perhaps one of the most lucrative offers. Let’s talk about what is happening in more detail.
By tradition, let’s start with an explanation. Coinmamba is a well-known representative of the cryptocurrency community, while remaining anonymous. On his Twitter account, he describes himself as a crypto trader supporting Bitcoin and Ethereum.
The number of readers of this account exceeds 170 thousand people, which is a lot for the niche of digital assets.
Like many other traders, he voiced his thoughts on the market and shared his achievements. However, earlier in the year, Coinmamba began to share negative comments about SOL, the native token of the Solana blockchain, which has seen incredible growth this year. With this in mind, he came under the gun of FTX chief Sam Bankman-Fried.
There is indeed a connection between Sam and Solana. First, Bankman-Freed has taken part in many podcasts with the creator of the blockchain project Anatoly Yakovenko. Secondly, the FTX exchange supports native work with the so-called SPL tokens, which in fact can be compared to ERC20 tokens on the Ethereum network. In addition, FTX often adds many new projects from the Solana ecosystem to its platform, thereby supporting its development.
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At the beginning of the year, the SOL token was trading at around $ 3. Coinmamba said that this level is unlikely to hold for a long time, that is, in fact, it expected a sharp drop in prices. Bankman-Freed entered into a discussion with the crypto enthusiast, offering to redeem all of his tokens at the market price. Ultimately, however, the skirmish between the two traders ended with Sam’s legendary quote.
I’ll buy as much SOL as you have right now for $ 3. Sell me everything. Then go to hell.
That is, the billionaire made it clear that he is ready to invest in SOL as much as necessary. Thus, he also informed Twitter readers that he did not doubt Solana’s prospects and was ready to invest even personal money in her. In essence, this is an announcement of the entrepreneur’s actions. And as can be said from the standpoint of today, the investment was right, because since then SOL has grown almost 70 times.
This tweet has become truly viral and prophetic: since its publication, the price of SOL has risen by more than 6 thousand percent. At the moment, the coin is trading in the region of $ 153, while on the eve of the cryptocurrency it set a historical maximum at $ 216. Against this background, SOL even for a short time was in sixth place in the overall rating of cryptocurrencies in terms of capitalization, that is, the product of the number of coins in circulation by the rate. Today, this place has regained its XRP token from Ripple.
By the way, the discussion with Coinmamba itself is now unavailable for viewing on Twitter for everyone, as he has restricted access to his tweets. Probably, his decision about Solana was too unpleasant for him, and criticism from readers because of this also made itself felt.
That being said, we are following Coinmamba on Twitter. As the fan of cryptocurrencies stated on August 29, 2021, he is temporarily leaving the platform. Moreover, the reason for this was the attacks of other people on him.
But did Coinmamba sell its coins to Bankman-Fried? The crypto billionaire responded negatively to this question from Decrypt journalists. If this deal really took place, it would be another landmark act in the treasury of all the achievements of Bankman-Fried and a defeat for Coinmamba. At the same time, Sam’s followers since then have certainly been in a serious plus.
We believe that this situation will be another proof of Sam Bankman-Fried’s abilities. Yet not only was he able to see Solana’s potential, but he was willing to pay money back for his beliefs. Moreover, as the events of this year show, this investment decision was the most correct.