It¡¯s been a brutal week for the global cryptocurrency market. In the past 24 hours, more than $200 billion of wealth has reportedly been wiped from the crypto market, with the figure going up to more than $800 billion if we look back at the past month.?
But ¡®Crypto Robinhood'?Sam Bankman-Fried says fear not, the cryptocurrency market won¡¯t crash to zero, he reportedly told Fortune. Though his net worth has fallen by more than 30% since late March 2022, the crypto billionaire isn¡¯t worried. He¡¯s currently worth about $11 billion, according to Bloomberg¡¯s Billionaires Index, and ranked 171 on the list after losing over $5 billion this year.
Also Read:?Revealed! El Salvador President Shares Beautiful Glimpses Of World's First ¡®Bitcoin City¡¯
Sam Bankman-Fried, who is the billionaire CEO of cryptocurrency exchange FTX said ¡°Crypto markets have mostly stabilized, modulo whatever happens in traditional markets. He was referring to modulo, a math operation, in saying that crypto markets will respond in relation to traditional markets, as per Fortune.
¡°So if stocks recover, I would expect similar in crypto. If stocks keep crashing, so might BTC,¡± he said.
If you are wondering why Sam is referred to as Crypto Robinhood, it's because he had said that he plans to donate and give all of his fortunes away, including every dollar, or Bitcoin, as the case may be. He had said he¡¯ll keep just enough money to maintain a comfortable life, i.e. 1% of his earnings or, at minimum, $100,000 a year.?
So, he¡¯s a kind of crypto robinhood, who seems to be beating the rich at their own game to win money for capitalism¡¯s losers.?
Also Read:?Crypto Will Collapse One Day, Says Rakesh Jhunjhunwala
As per Bloomberg, Bankman-Fried said he doesn¡¯t see much value in buying things, adding that ¡°You pretty quickly run out of really effective ways to make yourself happier by spending money. I don¡¯t want a yacht."
Sam Bankman-Fried also says his company FTX is running an honest market, checks customers¡¯ backgrounds, buys carbon credits to offset its emissions, and is more efficient than the mainstream financial system. But it¡¯s clear the main appeal for him is getting rich quick.
He also said, ¡°Ideally, I would want FTX to become the biggest source of financial transactions in the world."
Amidst all this, a question arises - should someone like Bankman-Fried who wants to save the world, first amass as much money and power as possible before giving it away, or will the pursuit of money corrupt him along the way? It certainly remains to be seen how far the crypto billionaire goes on to give away his billion-dollar fortune, especially after the recent bloodbath that has wiped out nearly 35% of his net worth!
For the?latest and interesting financial news,?keep reading Indiatimes Worth.?Click here.