Sam Bankman-Fried is the founder and CEO of crypto exchange FTX.com. In the 40th edition of the Forbes 400, Bankman-Fried is ranked 32nd on the list of the richest people in the world with a fortune of no less than $22.5 billion. But surprisingly, the CEO does not necessarily believe very much in crypto. His only goal is to earn as much money as possible in order to be able to give back many good things later.
In a recent article from Forbes you can read how Bankman-Fried made his billions. He is the son of two professors and studied physics at MIT, something he didn’t really care much about. He preferred to spend his time playing computer games. His interest eventually turned to ethics and morality, what is right and what is wrong. Thus he also became vegan; “A chicken has been tortured in a battery cage for five weeks, and you spend half an hour eating it, […] That was hard for me to justify.”
It caused him to pursue the so-called utilitarian philosophy with especially effective altruism. While many wealthy people often donate to trendy causes or foundations that appeal to them personally, effective altruism focuses on doing good based on data and evidence. But Bankman-Fried even donated ‘only’ $25 million in his lifetime to charities. All this while he and his company are putting hundreds of millions of dollars into marketing for FTX.
But that’s all part of the plan: “There’s a lot of work to be done, so it’s not a short-term goal. It is one for the long term.” And for now his goal is to make as much money as possible, he himself does not really claim to be a believer in crypto. FTX therefore focuses on more than just crypto:
“The world is big. We should not think that crypto will be the most fertile ground to work in forever.”
Nevertheless, FTX has grown into one of the largest and user-friendly exchanges in the world. The platform became particularly popular for its derivatives products that allow large investors to speculate with ease. It processes $11.5 billion in derivatives transactions per day in just two years after its inception, beating only Bybit, OKEx and Binance. The number of users has also increased from 200,000 to 2 million in one year. In short, FTX continues to grow fast and slowly creeps to the top! Read in this article a nice article about the young billionaire behind FTX.