Cryptocurrency billionaire Sam Bankman-Fried believes that there are only so many things a wealthy person like himself can ever want or acquire in this world. For that reason, Bankman-Fried says that he intends to eventually give away most of his personal fortune. The comments came at the 2022 Crypto Bahamas conference.
Crypto Bahamas, presented by FTX and SALT, is an invitation-only event featuring collaboration and networking among leading players in the crypto and traditional finance industry. The event will feature four days of discussion and unique experiences in The Bahamas. Event programming will cover Bitcoin, DeFi, NFTs, regulation, web3, gaming and more. All participants must apply to attend.
Bankman-Fried’s FTX, is one of the world’s fastest-growing cryptocurrency exchanges, processing nearly $11 billion in trades a day.
He grew up in the Bay Area, and both of his parents are Stanford Law School professors. His father, Joseph (Joe) Bankman, is a tax law expert, while his mother, Barbara Fried, studied law, economics, and philosophy.
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Sam Bankman-Fried is ranked #60 on Forbes Billionaires List for 2022, with a net worth of $24 billion. He stated that his objective is to give away all of his money during his lifetime.
“When you think about yourself personally, about spending money on yourself, how much can you spend usefully on yourself, right?” said Sam Bankman-Fried. “You can buy nice food. You’re talking about hundreds of thousands a year, right? You can get to millions a year with, like, fancy things, but after the 10th cart, it’s not clear what you’re doing, right? It’s hard to spend more than millions a year in, like, an effective way on yourself, even if you really wanted to.”