FTX Customers Remain Optimistic About Crypto Industry Despite Losses
Introduction
FTX’s multibillion-dollar cryptocurrency blowup hasn’t destroyed all faith in the industry. In a new documentary premiering Monday, FTX customers, insiders, and investors tell that despite not receiving a single dollar worth of cryptocurrency back, they’re optimistic about the industry and plan to keep investing.
Customers Remain Bullish on Bitcoin
Evan Luthra, an app developer, entrepreneur, and angel investor, lost $2 million dollars in the collapse of FTX. Despite this, he remains confident in bitcoin and its long-term potential. Luthra believes that the fundamental reasons for buying and using bitcoin have not changed and anticipates that the price will eventually surpass $100,000.
FTX Bankruptcy and Customer Losses
FTX, once a leading cryptocurrency exchange, faced bankruptcy after its sudden collapse. Customers like Jake Thacker and Bhagamshi Kannegundla suffered substantial losses and have not received any compensation. Despite their experiences, Thacker still encourages people to invest in crypto, while Kannegundla sold his bankruptcy claim to invest in crypto again.
Belief in the Future of Crypto
Despite setbacks, many individuals still believe in the potential of cryptocurrencies. Sunil Kavuri, a former FTX customer, expressed faith in the underlying asset and thinks cryptocurrencies are here to stay. Similarly, Brett Harrison, the former President of FTX’s U.S. business, plans to start a new company in the crypto space.
Long-Term Perspective
Anthony Scaramucci, founder of Skybridge Capital, acknowledges the challenges and fraud in the crypto industry but maintains a positive outlook. He sees a strong future for Web 3 and advises patience when navigating through such periods.