In recent years, thousands of investors have made instant fortunes through the cryptocurrency business, but Sam Bankman-Fried has one peculiarity: he only wants to keep 1% of all the money he earns. The rest is a donation.
This type of Robin Hood in the cryptocurrency world is only 30 years old and is the founder of cryptocurrency exchange FTX. So far, according to Bloomberg, he will have raised $20 billion, but he does not want to keep all the money. Trained at the prestigious Massachusetts Institute of Technology (Massachusetts Institute of Technology)He says he wants to apply the life philosophy he learned in college to money: “effective altruism,” which uses mathematical models to determine how people can do the best they can with their money and time.
Bloomberg, to whom Bankman-Fried opened the door to a story, says he lives in a relaxed atmosphere. He sleeps as little as necessary – he considers sleep a waste of money – and holds conferences for members of Congress and chief financial officers while playing games on the computer, and drives a Toyota Corolla.
Your life goal is to earn as much money as possible for the donation. Not wanting to become a hermit, his plan is to keep 1% of what he earns annually to himself. This 1% percentage, which the young entrepreneur translates to about $100,000, is enough to lead a comfortable life. After all, by the age of thirty, he will have already concluded that “we have run out of effective means to please ourselves by spending money.” He explained during the conversation with a Bloomberg journalist.
The philosophy of life will not be new. After completing the course, Bankman Fried had worked on Wall Street, for three years, during which time he will have donated half of his salary to the cause of animal welfare.
By this time, the young entrepreneur lives In Nassau, the capital of the Bahamas, where his company, FTX It plans to build a complex for 1,000 workers facing the sea.
Just because you want to donate a large portion of your money, doesn’t mean you don’t want to keep accumulating it. According to Bloomberg, FTX is the third largest cryptocurrency exchange by volume, but handles $15 billion in transactions daily. The goal of the entrepreneur is to expand the business, start negotiating the future swaps and cryptocurrency options, and replaces the Chinese platform Binance, which will be the largest cryptocurrency exchange in the world. But the ambition does not stop there. “Ideally, I would like FTX to become the largest source of financial transactions in the world,” he assumes.
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
