Sam Bankman-Fried earned $22.5 billion before his 30th birthday thanks to the cryptocurrency exchange he started, although he himself does not believe much in the cryptocurrency market, writes Forbes, which recently published a list of the richest, which also includes Sam.
On a foggy evening in the late summer of 2021, Sam Bankman-Fried headed to a restaurant on the 24th floor of the five-star Equinox Hotel, which is part of the Hudson Yards complex in Manhattan.
The 29-year-old, who earned billions on cryptocurrencies, arrived from Hong Kong in part to organize his private celebration, but so as to go unnoticed.
The clothes he mostly wears, as Forbes writes – a black hooded sweatshirt, gray bermuda shorts, old “new balance” sneakers – could “hide” him on the street, but in the sea “cuffs” and “cocktail dresses”, he stands out even more than 205 centimeters tall Obi Topin, the center of the New York Knicks, who flies among the guests.
It didn’t take long before someone “hooked” him: “Can I suggest something to you?”, “What do you think about the latest fall in cryptocurrencies?”, “How about a photo for Instagram?” …
He didn’t have any Bitcoin in 2017
All of that is part of the job of the richest on Forbes’ list of rich people under 30.
FTX, Bankman-Fried’s cryptocurrency exchange that allows traders to buy and sell digital money such as Bitcoin and Ethereum, raised $900 million in July from funds (Coinbase ventures and Soft Bank) at an estimated value of $18 billion.
FTX manages about 10 percent of the face value of $ 3.4 trillion in derivatives (mostly futures and options), which are traded by crypto investors every month.
FTX earns an average of 0.02 percent on each of these transactions, has a profit of about $750 million in revenue with almost no risk, and has made $350 million in net profit in the last 12 months.
On its own, its trading company Alameda Research recorded a profit of $1 billion on timely transactions last year.
Recently, Bankman-Fried appeared on television to express his opinion on Bitcoin prices, regulations, and the future of digital assets writes Forbes.