Just four years ago Sam Bankman-Fried didn’t even know what cryptocurrencies were. Today, thanks to digital coins, he has accumulated incredible wealth. He is the youngest in the world so rich.
If he has become one, it is not only thanks to trading with crypto but also for having created a company that today allows millions of traders to trade currencies. It is the fourth most important that people use to buy and sell crypto such as Bitcoin or Cardano.
Still, setting up this company wasn’t easy for Sam. The banks threw him out and did not want to give him the financing. Because the crypto world saw it as rubbish …
But the mission that drives this young billionaire is so powerful that despite all his economic wealth it has continued to grow. And he achieved what he wanted.
If you continue reading I will explain what his work philosophy teaches. What is the thing that gives him all this power and strength.
A way of thinking and living that will lead him to do much more charity than he does today. But he also used his cash to help others in their own businesses like when he decided to sponsor Biden’s election campaign.
The son of two Stanford law professors, Sam Bankman-Fried wanted to pursue a university career.
He graduated from a small private high school on the San Francisco Bay Area. Then he joined the Massachusetts institute of technology (MIT).
But the physics degree came with difficulty: he spent more time on video games like Starcraft and League of Legends than studying.
Despite this, he believed that he would become a physics professor. And in the meantime he was also interested in ethics. Perhaps her passion for ethics is the reason that still makes her so eager to help others.
In fact, he began to study philosophers realizing that he was attracted to altruism.
“The idea that struck him was to do as much good as possible as a life mission.”
And from here the mechanism that led him to try to make a lot of money was triggered. So Bankman-Fried dropped the idea of becoming a professor and set to work accumulating wealth.
But he would never have thought of making tons of money like he does today every day. However…
He graduated from MIT in 2014 and then accepted a well-paid job in the field of finance.
The company was Jane street capital.
These are the first years of the first cryptocurrencies. But it looks like an unstable and lousy market. Almost a game that doesn’t even catch Sam’s attention.
Then comes the electrocution. And as often happens by chance:
“I entered the world of cryptocurrencies without having any idea what a cryptocurrency was. It just seemed to me that there were so many good trades to do.”
But those good exchanges make him a fortune.
In 2017 he quit his job and opened Alameda research. A quantitative trading company.
He did it with about a million dollars in savings and money from relatives and friends. Then he forms a team of freshly graduated guys and starts working like a madman.
He had settled in Berkeley in California. And the financial help from friends and family, and the team he builds, is the stepping stone to his stellar career.
In January 2018, Alameda Research was moving up to $25 million in Bitcoin a day.
We could say.. bingo!
Instead he had another idea. This also arises because he is faced with a problem: he wants to overcome it for himself and for other traders above all.
He was frustrated with the quality of the major cryptocurrency exchanges. Exchanges are kind of banks that act as intermediaries for you to buy and sell bitcoins or other cryptocurrencies.
However, those already operational were unable to handle professional traders who move large volumes of cryptocurrencies in a short time.
So he decided to open his own exchange.
“In 2019 he took part of Alameda’s profits and $8 million raised by some small venture capital firms and launched Ftx.”
Shortly after that, he sold a stake for about $70 million to Binance; the largest cryptocurrency exchange in the world by volume.
But this second Sam adventure was not easy. Indeed slow. Because in the beginning they needed to attract customers to their trading platform.
FTx gradually became the preferred platform for more aggressive traders who make a lot of daily trades to earn money right away, and not long-term trades.
So FTX for Sam was the piece that set him on the road to becoming one of the richest cryptocurrency billionaires.
The 29-year-old was listed on the Forbes 2021 list of America’s 400 richest people.
However, Bankman-Fried who is CEO of FTX told Bloomberg that:
The company had major problems convincing banks to partner with them.
This is because banks are afraid to work with cryptocurrency-related entities.
Sam said that:
“If you are a cryptocurrency company, banks are not happy to work with you. Indeed they are nervous because they have to do with cryptocurrencies.”
The fact is that it finds the funds and Ftx takes off thanks to the niche of traders who make many trades a day.
Collect a fee of between 0.005% and 0.07% for each transaction. It has around 200 million traders using its platform. And he and his associates work from the Bahamas.
The daily volume of money traded through FTX is $11.5 billion. An amount that puts it in fourth place among derivatives exchanges in the world: after Bybit ($12.5 billion), OKEx ($15.5 billion) and Binance ($61.5 billion).
“My goal is to have an impact,” said Sam.
And he added:
“There is still a lot to do – he admitted -. Donating large amounts is a long-term goal, not a short-term goal.”
Because the wunderkind actually only donated $ 25 million. About 0.1% of his assets.
He is committed to guaranteeing the right to vote, poverty reduction, and the safety of artificial intelligence.
He also sponsored President Biden’s election campaign.
But he wants to accumulate more money to help even more people. And this is his mission.
But what is the mission?
– Who you are
– The promise you make to your customers
– The values your company represents (such as social values)
Having had these principles very clear, especially the desire to make money to give them to others, was the push that Sam had.
And here’s in detail why mission is so important:
– It sets you apart from the crowd if it’s built with care.
– Show customers what and who you are (as mentioned above)
– It helps you never lose sight of your goals (as in Sam’s story), and indeed some entrepreneurs make them public.
– It is more likely that all your staff are consistent with the main purpose
– It ensures that everything you do (from products to services to building your site online) has embodied the corporate mission.
But how is a company mission written and created?
– It has to be simple and neat
– It has to find specifics on audiences, benefits and results
– It has to promote hope and trust
– It has to connect emotionally with your customers.
Currently, Sam’s company, Ftx, and its employees have allocated $13 million to charitable causes. In addition, they constantly donate 1% of net commissions.
At the moment Bankman-Fried reinvests many billions in its companies: for example, $2.3 billion in July to buy back Binance’s 15% stake in Ftx.
Or hundreds of millions in traditional marketing.
– $210 million to bring the FTX brand to TSM, one of the world’s leading esports leagues.
– $135 million for the name of the arena in which the Miami Heat of the NBA play
– $17.5 million for the rights to the name of the football field of the University of California, Berkeley.
In other words, the boy knows what to do.
Absolute respect for these people. Because there are still so many entrepreneurs out there who don’t do charity at at all and might be doing it instead.
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