FTX Chief Willing To Spend $1B On Candidate Running Against Donald Trump In 2024

Sam Bankman-Fried, the founder and CEO of cryptocurrency exchange FTX, is willing to spend over $100 million on his preferred candidate in the 2024 election.

What Happened: In a recent podcast interview with Jacob Goldstein, Bankman-Fried said he had a “soft cap” of $1 billion that he would likely spend on supporting his ideal candidate in a presidential campaign.

Goldstein asked whether the FTX chief was going to be a big spender on campaigns in the next election cycle, to which Bankman-Fried responded that it would largely depend on who would be running.

“Let’s say Donald Trump runs for President. Would that cause you to probably give a lot of money to the person who was running against him,” asked Goldstein.

“That’s a pretty decent guess,” replied Bankman-Fried, who explained that he would be looking less at the political party itself and would focus his attention on “sane governance.”

Bankman-Fried believes that the U.S. has a big responsibility to the world to shepherd the west in a powerful, but responsible, manner.

“Everything that we do there has massive, massive ripple effects on what the future looks like,” he said.

The billionaire entrepreneur is known to have made significant donations to political campaigns in the past. In 2022, he made a $23 million donation to a single Political Action Committee (PAC).

Bankman-Fried is also a big believer in Proof-of-Stake blockchains and their role in the future of cryptocurrencies. Earlier this month, he said Bitcoin BTC/USD has “no future as a payments network.”

See Also: PROOF OF STAKE VS PROOF OF WORK

Price Action: According to data from Benzinga Pro, BTC was trading at $29,755, down 2% over the last 24 hours.

Photo: Courtesy of Cointelegraph via Wikimedia