This FTX user lost access to $1.3 million and is writing off his investment to zero - but insists he remains 'quite bullish' on crypto
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- Crypto investor Calvin Tsai told Fox Business he lost $1.3 million during the FTX collapse.
- He said he has nearly zero hope of recovering his FTX funds.
- But Tsai remains bullish on crypto and said the downtrodden market offers a buying opportunity.
Crypto investor Calvin Tsai said he lost access to $1.3 million in the FTX collapse, but that hasn't sunk his belief in the digital asset market.
In a Tuesday interview with Fox Business, he said he's already written off his FTX losses and sees almost no chance of getting his money back.
He noted some analysts have forecasted that investors could recover some funds at a 10% or 20% haircut, and expects it would take many years to get anything, similar to the collapse of other crypto platforms.
But as other investors who lost access to funds on FTX have told Insider, Tsai's faith in cryptocurrencies remains, even as one the largest players in the sector is on trial for fraud.
"In the long term I'm quite bullish on bitcoin or crypto stuff, because crypto and blockchain itself is a good technology," he said.
Tsai pointed out that while bitcoin investors have lost money in 2022, those that invested in it several years prior remain up by a wide margin.
This year, bitcoin, the world's largest crypto by market cap, has fallen roughly 65%. But since 2015, the token is up nearly 5,000%.
"Actually this FTX event brought down prices a lot," Tsai said. "But I think this is a good chance for us, for the crypto investors to buy the dip."
As for disgraced FTX founder Sam Bankman-Fried, his story continues to get stranger and more complex.
For example, earlier this year he and co-founder Gary Wang borrowed $546 million from Bankman-Fried's Alameda Research to fund purchases of Robinhood stock. Later, Alameda took out a loan and pledged those same shares as collateral.
Bankman-Fried remains under house arrest at his parents' home in California.