ENTREPRENEURSHIP

29-year-old millionaire Sam Bankman-Fried shares his biggest mistake

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This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

As a co-founder and CEO of FTX , one of the largest cryptocurrency exchanges, Sam Bankman-Fried has made $ 26.5 billion before his 30th birthday. Despite his resounding success, there are certain things to be learned about. the young man repents.

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Sam Bankman-Fried via Facebook

“The biggest mistake I’ve made is not getting involved earlier,” Bankman-Fried told a conference call. It seems it took him a while to get into the world of cryptocurrencies and there was a lot he could have learned earlier.

There are things about the business that you still don’t understand, and there are others that you could have used much better if you had learned them earlier in your journey. “I think one of them is to think about what the consumer’s financial experience would be like, how it could be a comprehensive experience,” he said.

During the conference he also recalled one of the greatest opportunities he has missed. In 2013 a friend of his, Gary Wang, developed a bitcoin arbitrage bot. Bankman-Fried recounted his perspective, “It looked kind of cool . None of that came out. Five years later, we would go into crypto together and end up founding FTX together. So imagine what would happen if we chased that rabbit hole much earlier. “

You mentioned some bugs within your systems that make you very desperate every time you come across them. In recent weeks they have started to fix them, but he believes that time could have been saved and more could have been gained if he had taken them into account from the beginning.

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