He's a billionaire but Samuel Bankman-Fried still has that wild puff of hair. It’s hair that screams “just rolled out of bed.” Or a beanbag chair. “I’m up to something like 50%, in terms of sleeping on beds,” he says. RoadToConsensus for consensus2022:
The Miami Heat now play in the FTX Arena. Quarterback Tom Brady and wife Gisele Bündchen star in FTX commercials. During the World Series, you couldn’t miss the FTX signs behind home plate, the countless FTX commercials or the FTX patches on the baseball umpires’ uniforms. FTX became “the official cryptocurrency exchange” of Major League Baseball, as if baseball has used a crypto exchange since the days of Mickey Mantle.
And he’s laser-focused on regulation. Earlier in the year, Bankman-Fried spent five hours a day personally dealing with regulatory issues, and he expects regulation to loom over 2022. “It’s a messy world, and there are 195 countries out there,” he says. “Each one is separately exploring what their regulatory framework will look like. We’re trying to stay abreast of all of them.”
“If we saw coordinated action of restricting access to cryptocurrency projects in the United States and the European Union, that could have a materially bad impact on the market,” the FTX CEO says. “Going into 2018, there was an enormous amount of excitement,” Bankman-Fried says, as “institutions worldwide were actively trying to decide whether or not to get involved.” Then came the crash. These crypto-curious institutions felt they had dodged a bullet, and they remained on the sidelines. The price of bitcoin languished.
Bankman-Fried isn’t losing sleep over that, or at least any more sleep than usual. First, and amazingly, he says FTX’s entire endorsement and partnership budget accounts for less than 10% of 2021 revenue, and so it’s “not a huge hit on that front.” If bitcoin crashed to $20,000, theoretically, Bankman-Fried would expect long-term revenue to suffer, but he said, “I would be shocked if it went down to a point where we were no longer profitable.
“I have given to some Republicans, I’ve given to some Democrats,” Bankman-Fried says diplomatically, then immediately clarifies that “I’ve given more to Democrats at this point.” He cares more about policy than party fealty.
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