Cointelegraph reports that on November 8, 2022, SBF tweeted to his followers about contributing to both sides’ election campaigns.
According to Cointelegraph, Sam Bankman-Fried (SBF), creator of FTX and cryptocurrency billionaire, has agreed to support candidates on both sides of the political aisle in the run-up to the 2022 midterm elections.
Prior to the United States midterm elections on November 8, 2022, SBF reportedly tweeted to his followers about contributing to both parties’ political campaigns. SBF even mentioned collaborating with FTX Digital Markets co-CEO Ryan Salame, who has registered campaigns for cryptocurrency-based acceptances.
According to information provided by Cointelegraph, SBF’s intended to use $1 billion to influence the 2024 presidential election campaigns. SBF contributed $5.2 million to the Joe Biden presidential campaign in 2020. SBF is the sixth greatest political donor, according to insights from Open Secrets, a website that tracks political donations, with a total contribution of $39.8 million for the years 2021–22.
According to estimates, 92% of the overall funding has gone to Democratic candidates and campaigns, with the remaining funds going to Republican ones. According to reports, billionaire investor George Soros, who has pledged $128.5 million to the Democrats, was the highest political donor. With $32.6 million for helping the Republicans, billionaire venture capitalist Peter Thiel ranked ninth on the list. Thiel has backed bitcoin firms.
The political action group (PAC) Protect Our Future, which was founded in January 2022 and has spent over nine billion dollars promoting Democrat politicians, is another organization that Bankman-Fried supports, according to Cointelegraph. According to a recent study by investment manager Grayscale, 38% of participants plan to take bitcoin policy opinions into account when choosing their candidates.
