Cryptocurrency billionaire plans to donate 99% of his fortune

Although he is one of the richest people in the cryptocurrency industry, a Bloomberg article, published this Sunday (3), highlights that Sam Bankman-Fried drives a Corolla, sleeps on a beanbag and intends to donate 99% of his fortune due to his philosophy. . According to Forbes, Sam now has 24 billion dollars (R$ 110 billion), about three times more money than Brian Armstrong, founder of Coinbase and second name in the sector on this list. However, the number 1 is estimated to be Changpeng Zhao, CEO of Binance, with BRL 542 billion. Leaving these details aside, the appearance of these names among the richest in the world shows the potential of the sector, even challenging social network creators such as Mark Zuckerberg, from Facebook, and Jack Dorsey, from Twitter.

Billionaire leads a simple life

Highlighting the philosophy of Sam Bankman-Fried, now 30 years old, the Bloomberg article points out that the billionaire is a kind of Robin Hood of cryptocurrencies. That is, he is playing the game of the rich to make money for the poor. Going further, the article highlights that the CEO of FTX will donate 99% of his billions to charity.
“For all its wealth, Bankman-Fried told me that its core philosophy remains the same.” writes to Bloomberg, “He will keep enough money to maintain a comfortable life: 1% of his earnings or at least $100,000 a year. Other than that, he still plans to donate everything — every dollar, or Bitcoin, as the case may be.”
However, the article highlights that so far Sam Bankman-Fried, also known by the initials SBF, has spent more money on marketing than on donations. In addition to highlighting the purchase of the naming rights (naming rights) of the Miami Heats arena for US$ 135 million, it is also recalled that FTX spent another US$ 30 million on a 1-minute commercial in the last Super Bowl. Despite this, SBF seems to lead a simple life, sleeping on a beanbag in his office or in a luxury house with about 10 friends.

“One perk of beanbags: if I sleep in the office, my mind is in work mode and I don’t have to reload everything the next day.”

Going further, the article highlights that Bankman-Fried drives a Corolla. While it’s a great car, and a dream of many, it may not match the FTX co-founder’s 110 billion worth. After all, he could be riding in a Lamborghini or a Tesla.

A summary of the FTX

Founded in 2019 by Sam Bankman-Fried and Gary Wang, today FTX is the third largest cryptocurrency exchange in the world. Second only to Binance and Coinbase, the reason could be associated with their low trading and withdrawal fees. In addition, the exchange is also known for several partnerships with famous athletes. As a highlight we can mention Stephen Curry, NBA star, and Tom Brady, NFL player and FTX partner. Finally, we hope that Sam Bankman-Fried will keep his promise to donate 99% of his fortune, and that this money will help others just as his beanbags help him stay focused.