Who is Sam Bankman-Fried?

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

Today, let’s get to know the creator of crypto currency exchange FTX, a person by the name of Sam Bankman-Fried, who - despite being a billionaire - still prefers to live with roommates and sleep in his office.

Bankman-Fried was born in Stanford, California as the son of two Standford University Law professors.

Being talented at math, he became interested in economics and started working as a funds trader while attending MIT. This turned into a full-time position, which he quit after a few years to start his own algorithmic trading firm – that means the business uses computer code to trade, not human decision.

He realized there was money to be made in Bitcoin trading at slightly different prices in different places. By buying it a fraction of a dollar cheaper in one place, and selling it for a tiny profit somewhere else using nothing but computers, he managed to grow into $25m of trading volume every single day.

Fascinated by crypto trading, he later founded FTX, one of the largest crypto exchanges in the world. He moved to Hong Kong, where laws are more favorable for his business.

And if you are wondering: How do you achieve all of that? Apparently Bankman-Fried always works, never takes vacations, and sleeps on bean bags in his office. He likes them so much that he has one in every room.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.