Bitcoin will survive the failure of 'any giant' in crypto, says Samson Mow

Bitcoin cannot be destroyed by the downfall of cryptocurrency giants like FTX or, hypothetically, other major exchanges, according to Samson Mow.

The collapse of FTX triggered a noticeable drop in the price of Bitcoin (BTC), but that does not mean that BTC can be destroyed by failing cryptocurrency companies, according to Bitcoin proponent Samson Mow.

The cryptocurrency industry continues to see the FTX contagion wave unfold, and it is likely to face more similar crashes in the near future, Mow said in an interview with Cointelegraph.< /p>

According to the executive, the FTX contagion could be part of the collapse of the Terra ecosystem, which has caused a domino effect on the industry, including major crypto lenders like Celsius and Voyager.

“More things like this will continue to happen in the crypto space because all of these projects are worthless house of cards,” Mow predicted. He added that FTX's failure was "easy to see coming" due to FTX's relationship with Alameda.

"A general rule of thumb is that if a company prints a token from scratch and sells it at retail or uses it as an asset, you should expect it to eventually collapse," said said the CEO of JAN3.

Mow also argued that industry efforts to prove credibility — including exchanges releasing more and more evidence of reservations — mean little unless they prove accountability. “Any system that can be manipulated will be manipulated,” says...