Crypto Nomads: Surfing the World for Risk and Profit – The New York Times

Mr. Bankman-Fried was four years out of Massachusetts Institute of Technology when he entered the cryptocurrency industry.

He was still living in California where both of his parents are law professors at Stanford and he noticed that Bitcoin and other tokens were at times selling for different prices in different nations.

It was an open invitation for a creative player to make money, with a classic arbitrage maneuver: Buy it at the lower price in the United States and sell it at the higher price in Japan.

That ended up being complicated. As he tried to quickly transfer large sums of money, financial institutions moved to shut down his accounts. He also needed Japanese nationals to complete transactions in local banks. But he ended up making tens of millions of dollars on these early moves.

A three-day crypto conference he attended in China in 2018 led to two weeks of meetings and his effectively settling in Hong Kong. I guess there s a point at which I canceled my lease back in the Bay, he recalled. He decided instead to create a new company, FTX, which specializes in derivatives.

via www.nytimes.com

But where are the grand children? A man needs a legacy after all. But buy Bitcoin for your soul and for liberty. Not sure I’d use FTX though.