Sam Bankman-Fried is the founder and CEO of Crypto Exchange FTX.com. In the 40th edition of the Forbes 400, Bankman-Fried took the 32nd place in the list of the richest people in the world with a fortune of at least $22.5 billion. But surprisingly, the CEO doesn’t necessarily believe much in cryptocurrencies. His only goal is to earn as much money as possible so that he can return a lot of good things later.
in a last article From Forbes you can read how Bankman-Fried made billions. He’s the son of two professors and he studied physics at MIT, something he wasn’t very interested in. He preferred to spend his time playing computer games. His interest eventually turned to ethics and morals, what is right and what is wrong. Thus, he also became a vegetarian. “A chicken has been tortured in a battery cage for five weeks, and it spends half an hour eating it, […] It was hard for me to justify that.”
It prompted him to pursue the so-called utilitarian philosophy with a particularly effective altruism. While many wealthy people often donate to modern causes or organizations that personally appeal to them, effective altruism focuses on doing good based on data and evidence. But Bankman Fried “only” donated $25 million in his life to charity. All this while he and his company are putting hundreds of millions of dollars into marketing for FTX.
But it’s all part of the plan: “There’s a lot of work to be done, so it’s not a short-term goal. It’s a long-term one.” His goal at the moment is to make as much money as possible, he himself does not really claim to be a believer in cryptocurrency. So FTX focuses on more than just encryption:
“The world is big. We shouldn’t think that cryptocurrencies will be the most fertile ground to work in forever.”
However, FTX has grown into one of the largest user-friendly exchanges in the world. The platform has become particularly popular for its derivative products that allow large investors to speculate with ease. It handled $11.5 billion in derivatives transactions per day in just two years after its creation, only outperforming Bybit, OKEx and Binance. It also increased the number of users from 200,000 to 2 million in one year. In short, FTX continues to grow rapidly and is slowly creeping to the top! Read in this article Nice article about the young billionaire behind FTX.
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