Miami and South Florida is a tropical playland for the rich.
Six million people live in the Miami metropolitan area, considered the seventh-largest metropolitan area in the United States. The City of Miami is the business and cultural center of the metropolis.
The area has become a magnet for more and more billionaires, and Thomas Peterffy is the richest of them all. According to Forbes 400, Thomas Peterffy is the richest person who lives in South Florida, and he is the 36 most affluent person in the United States of America.
Thomas Peterffy was born in Budapest, Hungry, in 1944 during WWII. His father immigrated to the US in 1956 without his family, but in 1965 Thomas Petterffy joined his dad in New York. However, his father's second wife didn't care much for the 21-year-old Thomas, so his dad gave him $100 and told him, "Make something of yourself."
He attended Clark University, graduated with a BS, and began his professional career as a computer programmer, designing trading software.
After graduation, he worked at an architectural firm where he volunteered to program their recently purchased computer. Soon after, he left his job and bought himself a seat on the American Stock Exchange, where he used his ability to design financial modeling software to trade equity options.
In 1993, he launched his own company, Interactive Brokers, an electronic brokerage firm that allowed him to become one of the richest people in the world.
A major landowner
According to Florida 500, Peterffy owns 500,000-plus acres across five counties in North Florida which is believed to be the largest piece of underdeveloped land owned by a private citizen east of the Mississippi River.
Thomas Peterffy told CNBC that he invests little money in cryptocurrency. However, he still expresses doubt about the long-term future of crypto.
" Even I myself have put a little bit of money into crypto, because even though chances are, I think, that this is not going to be a viable market, I think that there’s a small chance that this will be a dominant currency, so you have to play the odds. "
He also plans to launch a cryptocurrency trading platform. This is a significant move because Peterffy is a well-known name in the trading business. He adds, "Customers certainly are asking for [crypto trading], and we expect to be ready soon."
The adoption of bitcoin by high-profile investors and organizations is a huge boost for bitcoin value.
My favorite five quotes from Thomas Peterffy.
There are my favorite five quotes from Thomas Peterffy. These quotes will provide a better understanding of Peterffy and how he gained his wealth.
- America's wealth comes from the efforts of people striving for success. Take away their incentive with badmouthing success, and you take away the wealth that helps us take care of the needy.
- It was a big deal to leave home and my culture and language. But I believed that in America, I could truly reap what I sowed and that the measure of a man was his ability and determination to succeed. This was the land of boundless opportunity.
- I grew up in a socialist country. And I have seen what that does to people. There is no hope, no freedom. No pride in achievement.
- I don't think my basic business strategy is well known by the public, probably because people think it's too simple. My strategy has always been to focus on a product or service where you can create a dollar of value for 20 cents and sell it for 40 cents.
- Socialism and Communism are extremely attractive to a superficial observer. However, it is not until you get into the details or actually experience it that it becomes apparent that it does not work.