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Is the 30 Year Old Billionaire CEO of FTX the Next Warren Buffett?

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Sam Bankman-Fried

Fortune, one of the world’s most influential business magazines, interviewed founder Sam Bankman-Fried yesterday and put SBF on the cover of its magazine with the title “The Next Buffett?” which symbolises that FTX has become the most influential crypto company in the world and at the same time sees SBF as the representative of the industry.

The following is the content of the interview :

Explosive head otaku + white knight

“Fortune” described SBF as a friendly, rambunctious, explosive otaku interested in LOL (League of Legends) and fidget spinners. The above characteristics make him look nothing like the most powerful person in the crypto industry. However, under the appearance of an otaku, SBF founded the most successful quantitative trading company Alameda Research and crypto derivatives trading platform FTX.

In addition to being a crypto billionaire (worth about $11.5 billion), SBF has recently acquired a new identity: the white knight of the crypto industry, rescuing some crypto startups from liquidation.

Liquidation is positive; BTC could fall further

SBF admitted that although the bear market was predicted, it did not expect to be liquidated on a large scale, nor did it expect it to be so bad. Nonetheless, he believes two-thirds of the crypto market has fallen so much because of the global economy, and the other third is a problem with the crypto market itself.

“The worst is over, of course; there may be other liquidations, but not as bad as before. I think this bear market is a healthy reshuffle for the crypto industry. People may rethink asset valuations. It will also become more down-to-earth.”

While it feels the worst is over, SBF sees the overall economy as the more significant variable.

He estimated that if the Nasdaq fell 25% and the Federal Reserve raised interest rates to 7%, the world could experience a recession of about two-and-a-half years.

If it does happen, Bitcoin could drop even further. Also, there could be a new round of liquidations.

Greedy when others are fearful?

As we all know, SBF has recently invested in many troubled companies, such as BlockFi and Voyager Digital. For these investments, Fortune believes this is the practice of Warren Buffett’s famous saying: I am greedy when others are fearful.

SBF also explained his strategy for acquiring shares.

The first consideration is whether the users of those companies can get their assets back and whether the transaction can prevent serial liquidations. The last question is whether FTX can have some “good feedback” in these transactions.

“Our job isn’t to make amazing acquisitions, the logic here is to make some reasonable deals, even ones that are kind of bad but we can afford.”

An unnamed senior industry source told Fortune that SBF’s generosity had given him many things, including a lot of debt.

In addition to hoping that the future will be what the unnamed person said, SBF also explained the reason for being so generous: trust.

Lack of trust is a huge transaction cost, a lesson that SBF has learned when starting in business.

“A big part of that is trust.

In the past, when I was trading, I didn’t want to worry about whether the other party would play me behind my back in 20 ways that I didn’t expect. If there’s a lack of trust between the two sides, the deal won’t work, right? “

Therefore, SBF will set a standard in these acquisitions, cooperate reasonably, and show the other party that FTX does not want to make small moves behind the scenes.

“Think about things from a mutually beneficial perspective, and then we can start thinking about how to share the cake.”

Atypical crypto hero

The crypto community usually likes to embrace heroes like Satoshi Nakamoto or Changpeng Zhao, founder of Binance.

Although SBF seems to be becoming an object of worship in the crypto community, he has done some things that the hero of the currency circle (original Crypto bro) will not do, such as donating political donations to Biden in the 2020 election.

Fortune commented that SBF is now the leader of the crypto community, but it may also provoke dissatisfaction among some crypto believers.

Compared with those heroes in the currency circle who entered the blockchain industry for the reasons of “changing the world” and “destroying the government”, SBF joined the currency circle purely to see the opportunity to make money. And altruism is about making as much money as possible to give back to society.

Fortune believes that SBF is different from many people in the crypto community. They do not have luxury consumption such as yachts, sports cars, and parties. Instead, they pledge to donate most of their wealth because they believe in altruism.

“I would say this: I will do the right thing for people who genuinely believe in this industry. I believe in blockchain because this technology is beneficial and can make the world a better place in concrete ways.

I think I’m an example of a group of people who believe in the industry, even if they see it from a different angle. “

Will the worldview of the crypto community lead to a more chaotic world?

The next question is a bit serious and a bit philosophical.

Fortune believes that the world is on fire right now, with the rise of authoritarianism, the climate crisis, etc., so some form of collectivism is needed at this time; that is, everyone needs to consider the interests of the whole and make the right decisions. Overall favourable decision.

But the crypto community happens to be self-interest-oriented, liberal and individualistic.

Fortune posed a question: Is it possible that the rise of cryptocurrencies could lead to a decline in civic order?

Read AlsoFTX wins full approval to operate crypto exchange in Dubai

SBF thinks this question is a bit strange. He believes that either collectivism or individualism can resist authoritarianism. Collectivism will consider the group’s best interests and resist tyranny, while the individuality represented by cryptocurrency inherently hates authoritarianism, which also resists authoritarianism in a certain way.

SBF believes that many of the world’s problems now come from dominating and trampling other groups, which the crypto community hates. But at the same time, we must also engage and face the world’s problems together.

“You have to get involved, and cryptocurrencies may be the answer to some of the problems, but not all of them. It’s unlikely that a single tool will solve all the problems.”

Can Bitcoin reach $100,000 in two years?

At the request of Fortune, SBF finally analysed the future prices of Bitcoin and Ethereum.

SBF believes that Eth is difficult to predict and will be more volatile with the upcoming merger , but he can’t be sure in which direction.

Bitcoin is more predictable than Ethereum, but only if the general economy doesn’t get worse.

SBF believes that Bitcoin will gradually recover from the significant liquidation, and the end of the liquidation is a big plus.

In addition, the regulatory structure of Bitcoin has gradually become clear, which is a bullish external shock. So if there is more bullishness in regulation next year, then with luck, Bitcoin can hit $100,000.

“Regulation is an external shock, and it’s bullish for Bitcoin, so if there’s a significant regulatory bullish next year, with luck, we could see $100,000 next year. But you know, it’s hard to predict.

But if you told me that bitcoin might reach $35,000 next year, I would think there was a chance. “

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South African pioneer Riky Rick posthumously receives inaugural Global Visionary Award at The BET HipHop Awards 2022]

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Global Visionary Award RIKY RICK 1987 %E2%80%93 2022 1X1

Rikhado “Riky Rick” Makhado will be honoured posthumously with the prestigious title his fans have known him to hold ever since he broke into the industry: The Global Visionary Award, during the International Broadcast of the 2022 BET Hip-Hop Awards. The esteemed award recognises and honours champions of culture, including artists, DJs, and music industry professionals who have made ground-breaking efforts to expand the culture of hip-hop on the World Stage. Riky Rick is the inaugural recipient of this award.   

Hosted by Grammy®-nominated recording artist, actor, entrepreneur, and media personality Fat Joe the “BET HIP HOP AWARDS” 2022, will tape from the Cobb Energy Performing Arts Centre in Atlanta, GA, on Friday, September 30, and will premiere Internationally on BET Africa, DStv channel 129 on Wednesday, 05 October 2022 at 02:00 am WAT/ 03:00 am CAT and repeat at 18:30WAT/19:30 CAT.  

“The BET Global Visionary Award comes as a heart-warming opportunity to celebrate Rikhado’s life and his deep love for humanity”, said Louisa Zondo, Riky Rick’s mother. “I see the award as a recognition of the positive impact of the music Rikhado shared with us. The award also highlights how Rikhado used arts and culture as an important and effective pathway for people to truly connect with, care for and be seen by each other.” 

The South African Entrepreneur, Rapper, and Fashion Icon, Riky Rick, has been a force in the music industry since the release of “Nafukwa”, which won an MTV Africa Award for Video of the Year. Riky Rick’s dynamic and prominent voice in SA hip-hop has earned him recognition as a highly regarded creative who has left an indelible mark on the global music scene. He pioneered the independent music wave in SA and beyond, separating from his label and releasing music directly to fans online. His independent ventures achieved much success and inspired other artists to explore a similar path. He is the founder and owner of Cotton Club Records and of Cotton Fest, a platform that celebrates the world of music and fashion.  

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Riky Rick’s untimely passing, due to mental health struggles, is a great loss for many. This Award aims to honour his life, work, and his lasting impact while raising awareness around mental health issues and shedding light on available coping resources. Riky Rick was an innovator in many spheres of culture and the world benefited greatly from his intuitive vision.        

For more information about “BET Hip Hop Awards” including the latest news and updates, visit bet.com/hiphopawards.  

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2022 Global Citizen Festival Campaign Across Accra and New York Culminates In $2.4 Billion To End Extreme Poverty

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2022 Global Citizen Festival Campaign Culminates In $2.4 Billion To End Extreme Poverty

Global Citizen is proud to announce the 2022 Global Citizen Festival campaign has culminated in over $2.4 billion in commitments to end extreme poverty NOW.

The six-week campaign concluded with a nine-hour festival across two stages, beginning in Black Star Square in Accra, Ghana, presented by Harith General Partners, and ending in New York City’s Central Park, presented by Citi and Cisco.

The 2022 campaign saw 2 million actions taken by global citizens as part of Global Citizen’s mission to End Extreme Poverty NOW, more than doubling the record previously set by the international advocacy organization.

On the Global Citizen Festival: Accra stage, the governments of Ghana and South Africa announced the African Prosperity Fund, a joint initiative by the governments of Ghana and South Africa, which aims to deploy $1 billion to fund projects for economic inclusion and financial participation across the continent. The fund will focus on projects in the African Continental Free Trade Area, including infrastructure development, financial access for the participation of women and youth, education, healthcare, technology, and sustainability, all for the benefit of Africa’s 1.3 billion people.

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Governments

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