The richest man in crypto says crypto meme-based are important

The richest man in crypto Sam Bankman-Fried, says that meme cycles could be an investor's single most important investment strategy.

The richest man in crypto Sam Bankman-Fried says crypto meme-based are important
Sam Bankman-Fried founder of FTX | Image: Cryptelicious

When asked about which cryptocurrency project to keep eye on, Bankman-Fried said that investors have to follow meme cycles, saying,

"Memes are f***ing important […] They drive the market."

Expanding further, Sam Bankman-Fried urges traders to never invest more than they are willing to lose, saying, "No matter what you are investing in, it could actually go down by 90%."

The co-founder of FTX, a Bahamian-based cryptocurrency exchange platform Sam Bankman-Fried also pointed out about Ethereum and Solana. He said that Solana could overtake Ethereum or could never. The crypto richest man claimed that during his appearance on Kitco. He notes,

"It could happen. It could never happen."

In addition, Bankman-Fried mentions further that Ethereum’s ETH could see widespread institutional adoption even if the underlying blockchain fails to achieve the same feat.

At the same time, Bankman-Fried highlighted composability attention around Ethereum 2.0. While the second-largest crypto in terms of the market cap could boost its throughput capacity with the help of sharding, simultaneous operations will become a problem.

On the other hand, he also added that Solana could be disrupted by another competing blockchain platform soon.