Known as Bitcoin and altcoin billionaire, Sam Bankman-Fried’s fortune has halved since the end of March. His net worth, previously $22 billion, is now $11 billion, according to the Bloomberg Billionaire Index. The billionaire believes that the crypto market will not go to zero and will instead rally with stocks.
Bitcoin billionaire Sam Bankman-Fried remains bullish on crypto
Sam Bankman-Fried’s decision to hold cryptocurrencies has led to various digital currencies including Bitcoin It is similar to the decision of billionaire businessman Elon Musk, who owns the company and refuses to sell despite the constant market decline. Other corporate identity holders such as Michael Saylor of Microstrategy support the same views.
Meanwhile, as we reported Kriptokoin.com , the famous billionaire bought a 7.6% stake in Robinhood as of Thursday, amid the storm in the cryptocurrency market. After paying approximately $648.3 million for the acquisition, Sam Bankman-Fried’s position was equivalent to $56 million of shares in Robinhood (HOOD), the leading online brokerage firm.
Sam Bankman-Fried, who has made it clear that he has no intention of taking any action that would alter or affect the control of the cryptocurrency exchange Robinhood, described Robinhood simply as an “attractive investment”. He says he saw it.
FTX Crypto Exchange will qualify for New York Charter
On the other hand, the billionaire’s FTX Crypto Exchange is also reportedly in a New York Charter with the State Department of Financial Services. He made a new move by applying to his contract. The New York Charter agreement will transform FTX into one of New York’s Limited Kiabicity Trust Companies.
If FTX is approved, the company’s US-based subsidiary will be able to offer crypto trading services to an established New York client base. Additionally, their services will not be limited to this location alone, but will be limited to many other states with no pressure to apply for additional licenses.
FTX.US’s valuation rose to $8 billion following successful closing of Series A financing. With its banking charter, FTX.US will make headlines again as a sub-custodial service provider for financial institutions.
