Bridger PenningtonFund Launch & Investment Expert

How SBF Made $1 Billion Before Scamming The World...

15 Dec 2022 · 1 min

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Sam Bankman-Fried made his first billion through arbitrage: buying Bitcoin in the US for around $10,000 and selling it in Korea for $15,000. This simple strategy preceded his later fraud that collapsed FTX.

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How Sam Bankman made his first billion dollars before he scammed everyone. Arbitrage. Now, the definition of arbitrage is taking something out of one market and selling it at a different price in another market. So let me give you an example of a pretty cool person. Sam Bankman-Fried. Some of you guys know who he is. A lot of you guys don't know who this is. Net worth, $28 billion. He found a little arbitrage play. He went out, he found that he could buy Bitcoin in the US for $10,000 and sell it in Korea or other markets. This is direct quote from him, for $15,000 in Korea. Arbitrage. Same product, in a different market. This made him richer than Ray Dalio. You don't have to come up with this crazy idea and have like everything figured out. It takes one simple arbitrage play to make a ton of money.