Title: “Michael Lewis’s New Book Explores the Rise and Fall of Cryptocurrency Tycoon Sam Bankman-Fried”
Introduction:
In his latest book, “Going Infinite: The Rise and Fall of a New Tycoon,” renowned author Michael Lewis delves into the captivating story of the cryptocurrency exchange FTX and its enigmatic founder, Sam Bankman-Fried. Lewis provides an insightful and emotionally-driven narrative, shedding light on Bankman-Fried’s fascinating background and the tumultuous journey of FTX. While the book leaves readers craving more details, it offers a valuable perspective on the cryptocurrency industry and its notorious rise and downfall.
The Connection between Bankman-Fried and Donald Trump:
Lewis shares a startling revelation in “Going Infinite” – Bankman-Fried’s exploration of the possibility of paying Donald Trump a staggering $5 billion to not run for president in 2024. Despite the significance of this claim, Lewis does not delve deeper into its validity. This revelation raises intriguing questions about Bankman-Fried’s ambitions and his belief in his ability to influence the political landscape.
The Finances and Operation of FTX:
Lewis paints a vivid picture of the inner workings of FTX and Alameda Research, Bankman-Fried’s trading firm that exploited price differences among crypto markets. While Bankman-Fried recruited loyal team members from the effective altruism (EA) movement, the lack of financial controls at FTX is highlighted as a significant concern. This lack of oversight, coupled with the absence of a conventional board of directors or CFO, raises questions about the company’s governance structure.
Cult-like Environment and Allegations:
Lewis portrays the EA movement as a borderline cult, asserting that the belief in amassing wealth for the betterment of the world may have led to a lack of focus on the company’s overall operations. As Lewis unravels the allegations of fraud and money-laundering against Bankman-Fried, he grapples with the motives and choices made by the CEO and questions whether the missing funds will ever be accounted for.
Evaluating “Going Infinite” and Other Crypto Books:
While Lewis’s book captivates readers with Bankman-Fried’s story and personality, it lacks the detailed financial analysis found in some of Lewis’s previous works. Readers seeking a more comprehensive breakdown of what transpired at FTX may find alternative options such as Zeke Faux’s “Number Go Up: Inside Crypto’s Wild Rise and Staggering Fall” and Ben McKenzie and Jacob Silverman’s “Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud.” These books take a different approach, positioning themselves as cautionary tales about the dangers of cryptocurrency.
In Conclusion:
As the cryptocurrency industry continues to evolve, Michael Lewis’s “Going Infinite” provides a compelling narrative of FTX’s rise and fall. While the book may leave readers craving more in-depth analysis, it serves as an intriguing exploration of the enigmatic Sam Bankman-Fried and the turbulent world of cryptocurrency. The impact of this industry cannot be ignored, and books like “Number Go Up” and “Easy Money” contribute to the ongoing discussion surrounding its future.