In the aftermath of the 2007-2008 financial crisis, the emergence of cryptocurrency took the world by storm, starting with the publication of the groundbreaking Bitcoin whitepaper. However, for many, the concept of digital currencies backed by nothing but data bytes on a blockchain seemed perplexing. Questions regarding their underlying value lingered in the minds of skeptics.
Amidst this uncertainty, a select few individuals capitalized on the cryptocurrency boom, amassing great fortunes – including Sam Bankman-Fried. While not yet convicted of major crimes, Sam presently awaits trial on federal fraud charges. His bail was revoked upon suspicion of witness tampering, elevating this enigmatic figure to the headlines.
Sam Bankman-Fried began his successful journey as the founder of Alameda Research, a trading desk, while still in his twenties in 2017. Riding the wave of his trading prowess, Bankman-Fried ventured into new territories, launching the cryptocurrency exchange, FTX, in May 2019. The rest, as they say, is history.
Looking back, it is evident that entrusting billions of dollars to an individual fresh out of their teenage years, who frequently indulged in video games during work meetings, was a questionable decision at best. Nonetheless, at the time, the allure of being part of this burgeoning sector enticed investors and celebrity endorsers alike, who turned a blind eye to Bankman-Fried’s eccentricities as long as they could share in the spoils.
Notable personalities such as Tom Brady, Stephen Curry, Larry David, and Gisele Bündchen eagerly aligned their names with FTX. The company even claimed naming rights to numerous sports stadiums. In its heyday, FTX soared to become the second-largest cryptocurrency exchange, boasting nearly $30 billion in daily trading volume.
However, the grandeur was short-lived. FTX came crashing down, exposing numerous dubious business practices, leading to its untimely demise. Meanwhile, its founder found himself behind bars, bemoaning the state of prison cuisine.
Fortunately, this tale encompasses far more than can be summarized here. Thankfully, Michael Lewis, a renowned financial journalist and author of influential works such as “Liar’s Poker,” “Moneyball,” “Flash Boys,” and “The Big Short,” is set to provide an immersive exploration of Sam Bankman-Fried’s rise and fall in his newest book, entitled “Going Infinite: The Rise and Fall of a New Tycoon.”
In this eagerly anticipated release, Lewis delves into the captivating story of a seemingly unassuming individual who rose to prominence, drawing parallels to the likes of Gatsby, albeit with a contemporary twist. With his trademark narrative skill and analytical depth, Lewis is poised to deliver an enthralling account in “Going Infinite.”
Piquing readers’ interest further, Lewis’s unprecedented access to Sam Bankman-Fried allows for an inside perspective on FTX’s unraveling. It promises to be reminiscent of Lewis’s seminal work, “Liar’s Poker,” where he was embedded in the action.
To join the conversation and gain valuable insights into the world of finance, make sure to secure a copy of “Going Infinite.” Whether you prefer browsing through Bookshop, supporting independent booksellers, or visiting your local library, immerse yourself in Lewis’s deft prose that challenges conventional notions regarding young individuals managing billions of dollars.
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