Bankman-Fried: US spot Bitcoin is clean legally but hard to differentiate
Sam Bankman-Fried · FTX with Sam Bankman-Fried & Mario Gabriele (Extended Cut) · Acquired · Dec 15, 2021 · at 57:22
Sam Bankman-Fried explains why FTX initially focused on international markets and derivatives rather than a simple US spot trading exchange.
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“If you look at the US crypto ecosystem the product that is Relatively clean, at least today, to get off the ground is a spot Bitcoin USD, right? And the thing about that is that it's clean, but it's not super compelling as a product. It's like a lot of people have that product. And it's hard, innovation is harder with it. Because just the, I don't know, the core product sort of is what it is to a greater extent. And you know, a lot of it is customer acquisition, which we didn't know how to like, how that was our weakest point, right?”
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