Is Sam Bankman-Fried the John Pierpont Morgan of crypto?
, the cryptocurrency exchange he launched in 2019. Both gained greater prominence, first as the crypto craze reached fever pitch and then as crypto fell to Earth. Mr Bankman-Fried has lately been at the centre of attempts to rescue beleaguered firms. To some observers, the role calls to mind the rescue missions organised by John Pierpont Morgan and America’s other banking scions in the early 20th century. The comparison is surprisingly instructive.
The recent slump has left destruction in its wake. Some crypto-lending firms, notably Celsius, have collapsed; some stablecoins, like terra, have been obliterated. At least one crypto hedge fund, Three Arrows Capital, has gone bust. Estimates of’s personal wealth have tumbled, too, from $26bn just over three months ago to nearer $8bn now. Nonetheless, his companies seem to be the great survivors of the recent chaos.has said the exchange is still profitable.
Historians are divided over why one intervention worked but not the other. Perhaps the panic in 1929 was too far gone for private purchases to make a difference, for instance. Other research suggests that the success of 1907 may have been overplayed, and that it was action by the Bank of France to calm domestic markets that spilled over to America and halted the mayhem. The debate suggests that identifying’s role in quelling chaos today may be just as hard.
Now, too, there is a possibility that chaos leads to more stringent oversight, particularly if the volatility in digital assets spills over to other markets, galvanising regulators. Boosters may see a J.P. Morgan in Sam Bankman-Fried andRead more from Buttonwood, our columnist on financial markets:
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