How do you picture a multi-billionaire? They have luxury homes, cars, buildings, yachts, and several workers, Right? But Samuel Bankman-Fried breaks all those barriers and appears to be the world’s most humble billionaire who believes in donating all his wealth.
He is the founder and CEO of FTX, the best Cryptocurrency exchange ever built to trade in derivatives and was able to amass over $22 billion at just 29 years of age.
This month the billionaire founds himself on the cover of Fortune magazine. With a tweet highlighting, “The 30-year-old billionaire founder has been called the next Warren Buffett.”
However, just like many other renowned investors who have seen their once highly-promising strategy collapsing at some point in time, Fried’s counterintuitive investment strategy is not risk-free either.
Fortune covered an interview where they talked about Fried’s counterintuitive investment strategy that might build him an empire or end in disaster. His investment strategies are much different.
While Oracle of Omaha Warren Buffett believes in slowly getting rich by investing in stocks, Fried is a crypto warrior who made millions by swapping currencies in his initial days.
As the world’s is going crazy due to the global meltdown in Crypto market, the main agenda for the interview was to learn about Fried’s approach to understand how to tackle the crashing Crypto markets. Also, said to be the “crypto winter” where most startups barely survive.
Does he see a future in the industry?
Fried replied, “technically, it will take much more time for people to get familiar with cryptocurrencies, but we will ultimately get there.”
Alyson Shontell retweeted a post by Fortune where you will find Fried answering a rapid-fire round that’s included super fun questions like, “why did you go vegan” “do you have a pet or do you want one” and so on.
The interview included several questions where Fried openly answered about his life and business approach. It’s worth checking out!
Neither it’s the Fortune alone who talks about Fried extensively, nor it’s the first time when a media has covered Fried’s success story. The world is going crazy behind the young billionaire mostly because of his humble nature, curly hair and belief in doing good by donating.
Nas daily covered a video on Fried’s lifestyle with the title, “The Most generous billionaire”, where he showed various aspects of his life that you wouldn’t imagine a billionaire could have. The videos say,
- He has crazy hair and only goes for a haircut once a year.
- He is vegan and sleeps for only five hours a night.
- He lives in the Bahamas with ten roommates and a dog.
- He is a billionaire who owns 22 billion dollars at 29 and wants to donate it all.
Indeed, he is interesting, and the fact that he lives a simple life allows millions of individuals to connect with him easily and believe in the power of good. He says, “As a kid, I always dreamed of getting rich not because I like money but because I want to donate all of it to charity.”
The most important part of the video is where Fried explains how he earned so much money in such a short time. The billionaire says he noticed an out-of-the-box opportunity where the price of one Bitcoin on the American exchange was $10,000 while it was $11,000 on the Japanese exchange.
This clicked him with an idea of grabbing an immediate gain, where he collected $10 million, purchased Bitcoin from the American exchange at $10,000 and sold it on the Japanese exchange for $11,000, gathering an instant profit of $1 million per transaction. He did this every weekday to make $20 million with this simple idea.
However, it was just the beginning, and later, he founded the FTX cryptocurrency exchange, which became a massive hit and made him known to the world. Despite his great success, he lives a simple life and plans to donate around $10 billion by the next decade.
Forbes also covered an article about his generous nature and mentioned that “Steve Jobs obsessed over his sleek and simple products. Elon Musk claims he’s in business to save humanity. Not Bankman-Fried, whose philosophy of “earning to give.”
The same article also says that, so far, he has only donated 0.01% of his wealth, but Nas’s interview reveals that he is surely planning for the big numbers.
The bottom line
The definition of a billionaire is changing, and it’s a fact that despite unpredictable crashes, cryptocurrencies continue to grow and given many other young billionaires like Vitalik Buterin (Founder of Ethereum), Changpeng Zhao (Founder of Binance), Nikhil Viswanathan (Founder of Alchemy). The list is long and includes 19 crypto billionaires; 7 have been added this year!
The way we invest our money is also changing. Warren Buffett’s investing strategies are easy and still relevant to date but referring to Sam Bankman-Fried as the next-gen Buffett is also not wrong.
He believes in harnessing the power of tech, immediately grabbing an opportunity and the best one donating it back to society. Fried has defined new terms for being a billionaire; surely, he is a hero for many!