Crypto.com exchange CEO and co-founder Kris Marszale says he expects tough times ahead as the US banking turmoil gathers pace.

In a new Ask Me Anything (AMA) video session on the crypto exchange’s YouTube channel, Marszalek says that while governments have stepped in amid the banking crisis, there will be “some pain” before normalcy returns.

“I don’t think there are any easy answers here. You can see that the governments are trying their best to assist the banking sector in cleaning it up. But it’s very difficult.

I don’t really like this, I would not like to be in the shoes of people who are making these decisions because there are absolutely no easy answers…

There needs to be some pain in order to go through this and get out of it and at the other side of this tunnel relatively unscathed.”

According to the Crypto.com co-founder and CEO, the banking crisis has underscored the importance of Bitcoin (BTC) and blockchain technology.

“You know towards the end of last year people were asking ‘what is the use case for crypto, what is this all about’… This becomes very clear when your bank’s out of business.

There is value to the technological breakthrough that Bitcoin is. And it’s easy to explain to people in the current environment. And that’s one of the reasons why we’re at roughly $30,000 in terms of BTC price. People understand that this is an important technological breakthrough.”

Bitcoin is trading at $28,049 at time of writing.

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• Source: https://dailyhodl.com/2023/05/03/crypto-com-ceo-kris-marszalek-warns-to-expect-pain-as-us-banking-crisis-unfolds/