'Get your money off exchanges' warns Bitboy Crypto after FTX scandal | The Crypto Mile
It wasnt long after this crypto mile interview that Ben declared that FDX founder Sam bikeman Freud does not have the best interests of crypto at heart. He was vilified for his outspoken views, but after the spectacular downfall of Sam bikeman fried and the FTX exchange, we decided to check in again with Ben to get his latest thoughts. Ben Armstrong, AKA, bitboy, crypto, welcome back to Yahoo finances the crypto mile, hey you! Thank you so much for having me then weeks ago, you declared that the FTX exchange and Sam bankman fried do not have the best interests of crypto at heart. Do you know I feel slightly Vindicated for your thoughts yeah? I absolutely do um for sure. I think a lot of people have seen over the last uh you know few weeks here is all this has played out that what started for me as kind of a philosophical difference between Sam and myself uh, it obviously turned into a battle royale. If you will uh that ends up with their company being insolvent and being exposed, we were going after the fact that he was trying to push this Federal bit license and really destroy decentralization in America, and obviously people see now thats exactly what he was doing and Then what happened is when people found out that we blew the whistle on that and that we were correct always and all his enemies started. Emailing me and messaging me and sending me DMS and started saying like no, no theres a lot more to it than this.
This is not just the political stuff, theres problems with the company, and so we had actually been working with the NBC reporter about a week before CZ dumped the ftt that demonstrated the insolvency uh. We were already reporting on the story and getting ready to break it ourselves, but we were trying to do it in a way that didnt wreck crypto. You know we didnt want to see the market go. You know down overnight. We didnt want to see people lose all their money. We were trying to do in a way if you go back to October 29th, when I tweeted people like get your money off FTX. We were trying to do in a way where we were going to be able to keep people from losing all their money. The best that we could now eventually the thing about insolving company is, it was always going to happen. It was just a matter of time, but we know that thousands of people uh millions of dollars left FTX from uh from our you know, Crusade against them before the insolvency actually occurred, and so yeah I mean thats thats. What makes me feel Vindicated is the fact that millions of dollars Im telling you uh right Ive had 50 people, send me DMS, saying we literally kept their life savings intact. Their life savings were on FTX, which dont get into what a mistake that is, for anyone to put their life savings on an exchange, but the fact that we were able to like literally save families, livelihoods like that is what vindicates me, but not considering whats, been Happening with centralized exchanges would you encourage investors, both retail and institutional, to get their money off these centralized exchanges and if they do so, what is the alternative? Yeah definitely get your money off exchanges, theres, no question about that uh.
Anyone who is just being lazy and youre saying Ill get to it Ill, get to it Ill, get to it, youre the people that lose the money. So certainly I Im Im guilty of the same thing. I can be lazy just like everybody else, and I was explaining this to my wife and shes like get that money off there now. What are you doing, and I was like yeah youre right, you know so so that night I opened up a trustworld account moved all my cardano over there and then I opened up or I have a coinbase wallet – send some money over there. The coinbase wallet coinbase Wallet, not the coinbase, app the coinbase wallet you actually own, your own private keys and its just a matter of people getting up and doing it well off the F tax. It collapse the crypto Winters really started to set in. Will we ever see a bull market again and how long will the current bear market last? What are your predictions? I would say the same thing I told it to ran last year on crypto Banner. There were only two people out of the six people on the show that were on my side on this. They all said: oh theres, no more bear Market its just up from here like what like. Have you not been through this cycle before you know? Do you not understand, I understand the Euphoria of a bull market is enough to overwhelm you and make you feel like adoptions here, weve seen it before bear Market is occur because people get over hyped.
The price gets out of whack for the value. Well, you look at the inverse. The exact same thing is true: with a bear Market, the feeling of dread and and depression is so overwhelming. Right now that were really looking were saying. How can we possibly go up from here like it? Just feels like this? Is the end of crypto? Well, you know weve seen the end of crypto a lot of times, but I thought Mel gucks was the end of Bitcoin like when Mount gosh crash and got hacked. I said this is it this is over whatever this was its done. Now right and we saw rose on the ashes and – and you know that was really the beginning of the bear Market in 2014 and of course, 2017. We see where prices went and so weve been here before and we always bounce back and we will bounce back from this. This is you know. People have been asking for this. How many times you heard people say? Well, you know. 99 of these coins have to die. You know, 99 of space has to go away its fake, well yeah. Here we are its happening, congratulations! We! We did it. We we made it happen. Weve cleaned up the space and now weve got to start over with rubble, but thats okay, we can rebuild and weve done it before, but heres the powerful thing. Every time we rebuild theres more people to help right.
If you look at the amount of people in crypto today, Ive had 10 000 live viewers on my YouTube channel twice this week, like in a bear Market in the bull market in the peak of the bull market in 2017.. No YouTube rack close to that. Many people so in fact, even the depths of the bear market right now. We still have people that have stuck to this philosophy and have stuck to the decentralization and stayed clean to this Market. Thats a success, and so were not rebuilding with the same amount of hands were gon na, have a lot more hands to do the rebuilding and spread. The message, then, its always great, to chant, well be watching your comments quite closely on the crypto space, particularly those about SPF, not its been great. Thank you very much for coming on this weeks. Episode of the crypto mile yeah. Thank you for having me always a good time.