Sam Bankman-Fried, the Founder of FTX, is a crypto Billionaire, and he wants to donate his riches, keeping small shares for himself. He has some fascinating theories about money and wealth, which you should check out. His thoughts on these judgments are revealed in detail in a new piece published by Bloomberg.
Unique View About the World
As mentioned above, the FTX founder has interesting behaviors and beliefs. He’s not an ordinary billionaire. When Bankman-Fried received a message stating that MoneyGram International Inc. was up for sale, he took a few moments to examine if the company may be a worthwhile investment.
In another example, the CEO of an investment bank was in the Bahamas and wanted to pay him a five-minute visit, according to an assistant who informed him of the situation. “Meh,” Bankman-Fried said in his email. That evening, he intended to fly to Munich, Germany, to meet with the prime minister of Georgia, who was attending the conference.
The astounding speed and riskiness of his rise to the pinnacle of the financial world must have made nearly anything else seem like a walk in the park in comparison.
About five years ago, Bankman-Fried worked for a humanitarian organization that supported the then-fringe concept of “effective altruism“, which involves applying scientific reasoning to determine the most effective way of doing good for as many people as possible. Afterward, he discovered a Bitcoin pricing anomaly that seemed almost too good to be true, and he determined that the best course of action for him would be to make a lot of money and give it away.
After venture capitalists recently invested in FTX and its U.S. arm at a combined $40 billion valuation, Bankman-Fried has risen to become one of the world’s wealthiest persons, according to the Bloomberg Billionaires Index, with a fortune of more than $20 billion.
Bankman-Fried says that his primary idea has remained constant throughout his whole wealth. He’ll keep enough money to live comfortably for the rest of his life: one percent of his wages, or at the very least $100,000 every year. Except that he still intends to give it all away—every dollar (or Bitcoin, depending on the situation).
He’s a sort of crypto-Robin Hood, taking on the rich at their own game to gain money for the losers of capitalism. Despite this, he has become a member of the power structure responsible for the problems he claims to want to solve. It remains to be seen if he can stay confident about these ideas and continue to give away his fortune.