Forbes magazine ranks Sam Bankman-Fried (29), co-founder of cryptocurrency exchange FTX 32nd on the list of the richest people in the world.
Mexico City (apro). – Sam Bankman Fried, 29, ranked 32nd this year on the Forbes 400 List. He is the youngest person to be listed on the list.
His wealth reached US$22.5 trillion thanks to the growth and success of FTX, a cryptocurrency trading firm he founded in Hong Kong two year ago. He is also the CEO.
He is the son two Stanford University law professors. He graduated from a California Bay Area private high school and then went on to study at the Massachusetts Institute of Technology. In 2014, he received a bachelor’s of science degree.
He was hired by Jane Street Capital, an investment fund that trades on the stock exchange. A portion of his six-figure salary was used to support charity.
He was a vegetarian and read utilitarian philosophy. He was then attracted to the Silicon Valley-style altruism promoted by Dustin Moskowitz, a Princeton philosopher, and Peter Singer, Founder of Facebook.
A good altruist is one who uses evidence and reason in order to do the best. He or she must look for ways to help others and find the best place to donate.
The Silk Road scam, a company that had sold Bitcoin contraband to other companies, was the catalyst for Bitcoin’s recovery in 2017. Mt. Gox was unable to pay its debts and lost 8.5million bitcoins in 2014.
Alameda Research was founded by him after he quit his job. It is a quantitative trading company that uses mathematics and numerical calculations in order to identify trading opportunities.
He invested the $1million he saved in the company and borrowed another $1 million from family and friends. He moved in with a group from college to Berkeley, California. There he began his arbitrage work. It involved using market asset price differences to establish a relatively low risk negotiation strategy. . Value
He transferred 25 million U.S. Dollars in bitcoin per day in January 2018. However, he soon became frustrated that he couldn’t convert Japanese yen to U.S. dollar quickly. He decided to open his own digital asset trading company, including Ethereum and Bitcoin.
Alameda Research provided him with a portion of his income, while the other $8 million was raised by smaller venture capital firms. He pooled these funds in 2019. He started FTX and began working for WeWork, a company which rents space to multiple companies. In Hong Kong, he then moved to the Bahamas in September 2018, 2021.
It raised 900 million pesos quickly from companies like SoftBank and Coinbase Ventures, at a value of US$18 millions. His almost-risk-free income in the last 12 months was 750 millions U.S.dollars, while his income was 350m U.S.dollars.
He sold a part of FTX to Binance for $70 million. Binance is the world’s biggest cryptocurrency exchange according to trading volume.
His company Alameda Research made a profit of $1 million in 2020.
Interview at Electric Lemon, 24th floor Equinox Hotel, Manhattan. He explained that he had traveled from Hong Kong to host the event with a private company. Forbes magazine reported that he said he did not have enough money to purchase Bitcoin four years ago. He is now one of the wealthiest people on the Forbes magazine list, just five months before his thirtyth birthday.
“I was a participant in cryptocurrency, but I don’t know what cryptocurrency is.” He admitted that there are many good operations.