Sam Bankman-Fried has no more access to crypto, and so he pays in Mackerel

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Last Updated on 28 November 2023 by CryptoTips.eu

A somewhat strange story in the Wall Street Journal last week went viral. Fallen crypto mogul Sam Bankman-Fried (the former CEO of FTX) no longer has access to FTT, the digital currency he could create as much of as he wanted, nor a bank account worth billions of dollars. From now on, SBF must pay for services like everyone else in the New York prison he now occupies, namely in fish.

SBF’s favorite means of payment has now become mackerel. Not kidding.

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Sam Bankman-Fried is in a New York prison until at least spring of next year. Only then will the length of his prison sentence be known, could be 100 years some say.

Meanwhile, Sam has adjusted to his new life. In order to pay for some ‘luxury items’, he has started a crypto trading course for some of his guards.

To pay for his means, he does like all his fellow prisoners and has adapted to the monetary system of his new environment.

That is not cigarettes as we all thought because we saw the ‘Shawshank redemption’, but fish such as tuna and mackerel. Cigarettes have not been allowed in prison for a long time.

Linked to the dollar

There’s of course an economic logic behind this trend. Products that have steady value, such as certain food items and stamps, are used as a steady means of exchange to substitute for currency, which prisoners normally cannot access. Food items such as mackerel and tuna are stable commodities with a value that can be pegged to the dollar.

A bit like the principle behind a stablecoin.

To afford a new haircut, Sam recently paid with a wrapped mackerel. We can only assume he earned the fish by explaining to some of his guards that Bitcoin usually rises in the months before a halving.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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