A 29-year-old self-made billionaire breaks down how he achieved daily returns of 10% on million-dollar crypto trades — and shares how to find the best opportunities in the space

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In the space of three and a half years, Sam Bankman-Fried has quietly transformed from an ETF trader into a cryptocurrency legend and one of the world’s youngest billionaires, with an estimated net worth of almost $9 billion.

In 2017, Bankman-Fried, a former trader at the elusive quant-trading firm Jane Street, launched a crypto-trading firm called Alameda Research, which manages over $100 million in digital assets. He has become known as the “Moby Dick of crypto whales” because of the big moves the firm makes in the crypto market.

The firm’s million- and billion-dollar trades turned Bankman-Fried into a self-made billionaire by the age of 29, Forbes reported. He plans to donate and give away as much of his wealth as possible.

In a recent appearance on Bloomberg’s “Odd Lots” podcast, Bankman-Fried sat down with Tracy Alloway and Joe Weisenthal to explain his journey into crypto, the lucrative arbitrage opportunities he’s found along the way, and the development of his cryptocurrency exchange, FTX.

Bankman-Fried described stumbling into the world of crypto as he searched for a career change. What he found was a crypto market ripe for arbitrage opportunities — taking advantage of the price differences in a single asset — at a time when Bitcoin was in the midst of a raging bull cycle in late 2017.

“It had a lot of the hallmarks of something that might be a really inefficient system with a big need for liquidity, which is basically gigantic demand all of a sudden,” Bankman-Fried said on the podcast. “Growing really rapidly — lots of volume, lots of retail users, and not a lot of time to build up institutions, not a lot of time to build up liquidity, not a lot of time to build up a system that worked …read more

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Source:: Businessinsider

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