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His name Sam Bankman-Fried And at 28, he’s already a billionaire. Forbes Magazine has valued its fortune at $ 26.5 billion, thanks to FTX Trading Ltd., one of the largest cryptocurrency exchanges in the world where users can easily trade in various cryptocurrencies such as Bitcoin and Etherium. Also, the young entrepreneur has something that makes him special: He says he will give (almost) his full fortune For altruistic reasons
Who is Sam Bankman Fried?
Sam Bankman-Fried was born on March 6, 1992 in Stanford, California. His parents were law professors at the university and he was interested from an early age Utilitarianism , A philosophy that says that the best action is the one that produces the greatest happiness. Among a large number of potential individuals, in addition to most utilities.
He studied physics and mathematics at MIT (Massachusetts Institute of Technology) where he graduated in 2014. His first job was in 2013 at Jane Street Capital, an exchange-traded investment fund (ETF) company where he worked briefly until 2017. The director of the Center for Effective Altruism, a non-profit organization, the young man became involved in cryptocurrency investing and was founded in 2017. Alameda research His first company, although he himself said he had no idea. How does digital currency work? Within months of the establishment of Alameda Research, it was already transferring more than 25 million bitcoins a day. In April 2019, Bankman-Fried was founded FTX , A company that currently transacts over 1 billion a day and helped him to make his fortune in a very short time. The company has grown rapidly to invest in the funds of various venture capital firms such as SoftBank and Pantera Capital.
On several occasions, Bankman-Fried has stated that cryptocurrency is not a business he has too much faith in and he will stop investing in it if he finds other options that are more convenient for him. The youngster now enjoys hanging out with great celebrities and has a wide presence at FTX’s digital sports events and leagues, as well as sponsoring various professional leagues such as the NBA’s Golden State Warriors or the Formula 1 Mercedes. Miami recently acquired the right to name the stadium for the next 17 years, spending $ 30 million to create and broadcast a Super Bowl spot starring comedian Larry David and appointing Tom Brady and Stephen Curry as brand ambassadors.
And when to donate?
Bankman-Fried’s philosophy is as follows: He will donate his entire fortune to altruistic causes except 1% which allows him to live comfortably. He doesn’t like frills (he drives a Toyota Corolla), and in a recent interview with Bloomberg he commented: “Soon you are spending money on really effective ways to make yourself happy. I don’t want a yacht. “
The reality is that to date the young billionaire has donated only 0.1% (approximately $ 25 million) of his fortune and can still be described as one of the least charitable billionaires. When questioned about this, Bankman-Fried defends himself by saying that he sees grants as a long-term goal.
No Grants or Grants, Bankman-Fried is one of the ultimate players in the world of cryptocurrency.