Samuel Bankman-Fried, mostly known as SBF is the youngest crypto billionaire at the age of 29, with a net worth of around 23 billion US dollars. He works with an agenda to donate all his earnings rather than keeping it to himself.
But why would a young guy like him decide to give it all away?
Let us dive in on SBF and why he decided on this.
Meet Samuel Bankman-Fried
Born on 6th March 1992, Samuel Bankman-Fried hated school and to be precise he had a different opinion on how schools should run. To solve this problem, SBF was sent to join a summer math’s camp to hone his managerial and problem-solving skills.
With a flip of a coin, SBF decided to get a degree in physics and not Caltech from MIT. His charming personality and leadership quality made him the president of a group called Epsilon Theta in no time.
Till the second year, Bankam-Fried had already found the inspiration that led him to his aim of giving away all he has and will ever have. The inspiration was a philosophy called Effective Altruism that focuses on building a better world by acting on well-performed research.
‘Earn To Give’ was the one thing that stuck with SBF from many teachings of effective altruism. The goal of it is to earn as much as possible for giving it to a genuine cause.
The path that led him to become a the youngest Crypto Billionaire
The career opportunities that you chose for yourself act as the steps to your success. For SBF, he had worked quite a lot before reaching this point in his life.
|Name of the Company / Firm||Duration||Role|
|Jane Street Capital||2013 – 2017||Started as an Intern and then was on roll after graduation.|
|Centre for Effective Altruism||10/2017 – 11/2017||director of development|
|Alameda Research – a quantitative trading firm||11/2017 – till date||Founder (owned 90% of the firm as of 2021)|
|FTX – Crypto exchange||4/2019 – going||Founder and organizer (SBF and Gary Wang)|
How FTX was created?
FTX was launched in 2019, however, SBF started working on building the platform in 2018 when he orchestrated an arbitrage trade, which was moving around 25 million dollars up per day.
He made more than a Million everyday just by arbitraging in between two exchanges. He used to buy in an exchange and sell on the other. He made profit on the difference.
Getting inspired by the Bitcoin Cash and the conference on Cryptocurrency that he attended in late 2018, he decided to move to Hong Kong, where along with his partner he founded FTX.
He even expressed his regret for not jumping on the opportunity of Bitcoin earlier when his friend and co-founder Gary Wang has come up with a Bitcoin Arbitrage bot in 2013. Even though SBF had found it interesting but never worked with him until they founded FTX.
This is how hard work paid off for the youngest Crypto Billionaire
You don’t become a Billionaire in a day. SBF started working at a very young age and it is not all luck that you see when we talk about SBF being the youngest crypto billionaire.
He is a vegan who even after being so rich shares an apartment with roommates.
He works almost 20 hours a day while resting for just 4 hours near his computer on a bean bag. Living in the Bahamas, he rarely drinks or takes a vacation.
The act of Giving by the youngest Crypto billionaire Bankman-Fried
SBF’s donation of around 5 million US dollars to Joe Biden’s 2020 campaign put him on number 2 on the Wall Street Journal’s list of all the CEOs that were backing Joe Biden for the US presidency.
Beyond this Bankman-Fried has tied up half of FTX and a part of his FTT tokens as well. Moreover, according to the sources, it is said that he plans to give away all the money that he has made so far and will make in the future.
Sticking with his belief in Effective Altruism, Samuel Bankman-Fried created a history of being a Billionaire under the age of 30.
With a net worth of around 25 billion US dollars, he is amongst the wealthiest people who always trusted in the fact that he can do better for his society and the world by giving apart from his high earnings.
He is a well-deserved Billionaire with a good cause in this modern world.
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