Crypto Billionarie Sam Bankman-Fried Wants to Give Away His Fortune, Here’s Why
One of the world’s richest crypto billionaires, Sam Bankman-Fried, does not wish to live with all of that fortune. As per Bloomberg, Sam now has a fortune of over $20 billion. This did not happen overnight; it started after he founded the cryptocurrency exchange FTX back in 2019 after noticing a pricing anomaly in Bitcoin. However, even after all of this wealth, he shows no interest in it. He is an avid follower of effective altruism, a philosophy that advocates ‘using evidence and reason to figure out how to benefit others as much as possible, and taking action on that basis’. Bloomberg reports that he keeps just one per cent of his earnings, meaning a minimum of $100,000 a year, so he can enjoy the bare minimum. What about the rest of the money? He wants to give it all away. Not just this but he also makes large political contributions, and spends millions on the naming rights for stadiums.
He spent an estimated $30 million on a Super Bowl ad with comedian Larry David. Bloomberg has described his lifestyle outside of work as that of a ‘college student perpetually cramming for finals.’ While speaking to Bloomberg, he said, “You pretty quickly run out of really effective ways to make yourself happier by spending money. I don’t want a yacht.”
Matt Nass, a colleague and childhood friend, said, “Every minute you spend sleeping is costing you X thousand dollars, and that directly means you can save this many less lives.”
Currently, he lives in Nassau, the capital of the Bahamas. This is because FTX is planning to build a 1,000-employee campus near the ocean. As of now, it is headquartered in a one-story building near the airport. Desks are still labelled with names written on sticky notes.
He has also set his sights on the US market, dominated by Coinbase Global Inc. He wants to offer cryptocurrency futures, swaps, and options. If he succeeds in taking over crypto, the mainstream finance industry will be his next target. “We’re sort of playing in the kiddie pool,” Sam says. “Ideally, I would want FTX to become the biggest source of financial transactions in the world.”
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