Crypto Billionaire Says He May Shell Out $1 Billion On The 2024 U.S. Election

FTX exchange founder Sam Bankman-Fried has the wherewithal to make things happen. Obviously, being a crypto billionaire gives him that kind of luxury.

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

The crypto multibillionaire has already set his sights on the major event. He stated in a podcast on Monday that he may donate up to $1 billion to the coming presidential election.

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$1 Billion Donation? No Problem.

Bankman-Fried is said to be expected to allot “north of $100 million” with a “soft ceiling” of $1 billion in the elections.

In an interview with the “What’s Your Problem?” podcast, he stated, “I would hate to put a hard ceiling, because 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 Democrat-leaning philanthropist, was one of the 20 biggest donors to Joe Biden’s 2020 U.S. presidential campaign, donating $5.2 million to help Biden defeat former president Donald Trump.

He added, however, that he would calculate the actual amount based on the candidates and their platforms, adding that the exact number “depends on who is running where and for what.”

When asked if he would be willing to donate $1 billion to Trump’s re-election campaign, the FTX CEO responded, “is a decent thing to look at.”

Crypto Billionaire About To Make History

This amount of money would be “in a league of its own,” according to Alex Baumgart, a researcher with the website OpenSecrets, which tracks campaign funding and lobbying data.

Bankman-Fried, who is reported to be worth more than $20 billion and claims to have donated more than $200 million to various charities, warns that his political intentions are still in flux and will depend on the goings on of the broader political scene.

According to OpenSecrets, a $1 billion contribution would be the biggest donation made during the 2020 presidential campaign multiple times over.

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

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Sheldon and Miriam Adelson, who spent $218 million in 2020, are the biggest individual political donors in the United States to date.

This year, Bankman-Fried has spent at least $20 million backing Democratic congressional candidates who have committed to press the US government to invest in preventing the next global health crisis.

Bankman-Fried is an advocate of effective altruism, a utilitarian worldview that encourages concepts such as earning a great deal of money in order to donate it all.

Featured image from CNBC, chart from TradingView.com