While some media outlets are dubbing him a ‘capitalist monk’ , Sam Bankman Fried the 30 year old Crypto billionaire lad might not be either. He’s the richest crypto billionaire on the planet right now with a net worth of $24 billion (according to Forbes). Founder of popular crypto exchange FTX, Sam calls himself a ‘Benthamite’. A Benthamite is someone who is particularly hinged to English philosopher and social reformer Jeremy Bentham’s classical work on Utilitarianism. Read a briefer of Utilitarianism here and here. (ps: those sites are rabbit trails – toh baad may parh lijo). As Peter Singer breaks it down – Utilitarianism basically means “making the world the best place we can.”
FTX founder Sam Bankman-Fried is one of the world’s richest crypto billionaires. He also drives a Corolla, sleeps on a bean bag — and wants to give all of his money away https://t.co/l022ynPS3w
— Bloomberg (@business) April 3, 2022
Even as a young lad of 14, his Stanford professor parents noticed him growing rather fond of ‘Utilitarianism’. Why oh why are we talking on a random socio-philosophical term though? ‘Cuz that’s what led the world’s richest crypto billionaire in his late youth to abandon 99% of his wealth. He ain’t going to the Himalayas or Shaolin though. He is practicing ‘Effective Altruism’ a philosophical movement pegged on the moorings of Utilitarianism.
Effective Altruism has become a global network of like minded individuals, mostly ridiculously wealthy young entrepreneurs. They are also known as the ‘Rational Do Gooders’. The movement encourages you to do practical philanthropy and donate to cause-worthy charities. The motto is ‘Earning to Give’ which means pursuing a high flying career to earn significant in order to donate significantly.
Sam saw the opportunity to do Effective Altruism via Crypto a few years ago. Speeding to Bloomberg the crypto altruist remarks that he’s giving away 99% of his wealth but keeping the 1% to sustain a comfortable life. He feels he is now the part of the power structure that causes all sorts of problems. And he wants to ‘fix’ that.
Currently the crypto mogul resides in Nassau (Bahamas) working at his crypto exchange FTX. Bankman says he ‘doesn’t want a yacht’. Surely he is probably gonna inspire the gen nxt and the next to come with his altruistic endeavours.
So if he ain’t a capitalist or a monk or a capitalist monk then what he is? Methinks he’s just doing a better job ‘being’ a ‘sapien’ then most out there.
Not sure I dodged that first one…
(FTX filter on @Snapchat for the day!) pic.twitter.com/6NluWjJBzD
— SBF (@SBF_FTX) October 17, 2021
Cover Image: sourced