Who is crypto-rich Sam Bankman-Fried?

Ground Report | New Delhi: Who is crypto-rich Sam Bankman-Fried; The rise of the FTX cryptocurrency exchange has been one of the most inspiring stories from the crypto space. Its success has put its CEO Sam Bankman-Fried on the path to becoming one of the richest crypto billionaires. The 29-year-old was featured on Forbes' 2021 America's Richest People List, which named the CEO as the richest crypto billionaire.

ALSO READ: How do cryptocurrency work?

Who is crypto-rich Sam Bankman-Fried

Sam Bankman-Fried is a young American of only 29 years old who has achieved position number 32 of the Forbes 400 list with the richest personalities of the United States of North America. 

• Sam Bankman is currently the CEO of the crypto exchange FTX, one of the best known in the US.

•  The company was founded by Sam himself in 2019 and in just two years it has positioned itself thanks to the so-called cryptocurrency boom. 

ALSO READ:India’s first NFT GARI, How you can buy this?

He paid little attention to the early days of crypto, but towards the end of 2017, when Bitcoin was charging through its first conventional bull run, going from $ 2,500 to nearly $ 20,000 per coin in just six months, he saw a chance. He noted that the nascent market was not efficient - he could buy bitcoin in the US and sell it in Japan for up to 30% more.

ALSO READ: 4 Common Cryptocurrency Scams

• Originally from California, Sam is the son of parents with law degrees. But he decided to study science at the Massachusetts Institute of Technology (MIT) where he graduated as a physicist, a career he did not pursue to dedicate himself fully to the world of buying and selling shares since 2014. 

• Sam took advantage of this knowledge acquired in large brokerage houses to found FTX, after attending a cryptocurrency conference at the end of 2018 in Macau, China, and marveling at this new crypto world.

How much is Sam Bankman-Fried's fortune? 

Sam Bankman-Fried's fortune amounts to a total of $ 22.5 billion, which has earned him to appear on several Forbes lists such as the famous "30 less than 30" and the most recent "Forbes 400". This capital comes mainly from FTX, a house for buying and selling cryptocurrencies, futures markets, and fiat money. 

ALSO READ:Basics of Cryptocurrency, How to buy first coin?

FTX is currently valued at $ 18 billion, by increasing its capital after an investment round where it managed to raise $ 900 million from entities such as Coinbase Ventures and SoftBank. Currently, FTX manages to move more than 10% of the total monthly cryptocurrency investments in North America and much of the world. 

ALSO READ:What is a cryptocurrency, How you can buy one in India?

You can connect with Ground Report on Facebook, Twitter, Instagram, and Whatsapp. For suggestions and writeups mail us at [email protected]