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Who is crypto-rich Sam Bankman-Fried?

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

By Ground report
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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.

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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. 

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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.

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  • 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. 

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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. 

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