Crypto Billionaire Says It Could Spend $1 Billion in 2024 US Election


FTX Exchange Founder Sam Bankman-Fried has the power to make this happen. Obviously, becoming a crypto billionaire gives him that kind of luxury.

When the United States elects its next president in 2024, the FTX CEO will have a significant impact on the American political landscape.

The cryptocurrency billionaire has already shown interest in a major event. In a podcast on Monday, he said he could donate up to $1 billion to the upcoming presidential election.

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Bankman-Fried is said to be expected to allocate a “soft limit” of $1 billion and a “north of $100 million” in the election.

In an interview with “What’s Your Problem?” he said on the podcast, “Who knows what will happen between now and then?”

Bankman-Fried was among the 20 biggest donors to Joe Biden's 2020 U.S. presidential campaign (BBC).

SBF, a 30-year-old Democratic-leaning philanthropist, was one of the 20 biggest donors of Joe Biden’s 2020 US presidential campaign, contributing $5.2 million to Biden’s defeat of former President Donald Trump.

However, he added that he would calculate the actual amount based on the candidates and their platform. The exact number “depends on who plays where, where and for what,” he added.

When asked if he would be willing to donate $1 billion to Trump’s re-election campaign, the FTX CEO said “it’s worth seeing”.

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That amount would be “unique”, says Alex Baumgart, a researcher at OpenSecrets, a website that tracks campaign funding and lobbying data.

Reported to be worth more than $20 billion and claiming to have donated more than $200 million to various charities, Bankman-Fried warns that his political intentions remain fluid and depend on the broader political scene.

According to OpenSecrets, the $1 billion donation will be the largest multiple donations made during the 2020 presidential campaign.

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Crypto total market cap at $1.25 trillion on the daily chart | Source: TradingView.com

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Having spent $218 million in 2020, Sheldon and Miriam Adelson are the largest personal political donors in the United States to date.

This year, Bankman-Fried spent at least $20 million supporting the Democratic nominee for Congress, which has pledged to pressure the US government to invest to prevent the next global health crisis.

Bankman-Fried advocates effective altruism, a utilitarian worldview that promotes concepts such as making a lot of money to donate everything.

Featured image from CNBC, chart from TradingView.com

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