Sam Bankman-Fried is one of the world’s wealthiest crypto billionaires, but he has no plans to keep it. In 2019, the Californian entrepreneur founded cryptocurrency exchange FTX after discovering a pricing disparity in Bitcoin. According to the Bloomberg Billionaires Index, he currently has a wealth of more than $20 billion, with his Bahama-based firm and its US equivalent valued at more than $40 billion.
While billionaires like Jeff Bezos, Elon Musk, and others use their great fortunes to reach for the stars, Bankman-Fried has become something of a Robin Hood figure for the crypto world. He believes in effective altruism, which advocates ‘using facts and reason to determine how to help others as much as possible, then acting on that assumption’.
Sam is a 30-year-old millionaire residing in the Bahamas who was previously dubbed the world’s most giving billionaire. Sam longed to be wealthy as a youngster, but not for the reasons that most people aspire to be affluent. Sam, on the other hand, had an entirely other motivation. He meant to give up his whole fortune to charity. Despite amassing a vast wealth in three years, his philosophy hasn’t changed: according to Bloomberg, he only saves 1% of his profits or $100,000 per year, so he can live comfortably without worrying about money. In terms of the remaining, he wishes to hand it up completely.
His commitments have shifted: he now makes significant political contributions, spends millions on stadium naming rights, and spent an estimated $30 million on a Super Bowl advertisement starring comedian Larry David as a crypto sceptic. However, he does not work in opulence.
Some high-level executives wear suits and fancy watches, whereas Bankman-Fried clothes casually, sleeps on a beanbag next to his desk, and works on a gaming chair. Bloomberg describes himself outside of work as a ‘college student always cramming for exams,’ driving a Toyota Corolla and frequently sleeping at an apartment with approximately ten housemates—albeit a magnificent penthouse.
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