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FTX founder Sam Bankman-Fried has said he could donate over $100 million in the next US presidential election, adding that he has a soft ceiling of $1 billion.
This potential donation was revealed in a Podcast Interview with Jacob Goldstein on the Pushkin Industries podcast.
The crypto billionaire said he would be spending close to a billion if the former president of the United States, Donald Trump, decided to run again. If he makes good on his words, he will be the most significant political donor ever in an election.
Is SBF prepared to spend $1 billion?
While speaking on the What’s Your Problem podcast, he mentioned that the political landscape would determine his political plans. In his words,
“I would guess north of $100 million. As for how much more than that, I don’t know. It really does depend on what happens. It’s really dependent on exactly who’s running where for what.”
When asked how much he would spend on a candidate contesting against former President Trump, he confirmed that he could be spending up to $1 billion.
“[$1 billion] is a decent thing to look at as a — I would hate to say hard ceiling, because who knows what’s going to happen between now and then — but at least sort of as a soft ceiling.”
According to the campaign finance tracker OpenSecrets website, electoral donations could have an “unhealthy influence” over the US elections and government politics.
A donation of this magnitude would place SBF in the realm of mega-donors like the Adelsons, Michael Bloomberg, and the Koch brothers.
Bankman-Fried is one of the wealthiest men in crypto and is estimated to be worth over $20 billion. He donated $5.2 million to President Joe Biden’s campaign for office.
Why SBF wants to fund election against Trump
SBF’s intention to spend more if former president Donald Trump should run for office is not entirely surprising given the former president’s stance towards the crypto industry.
Trump, on various occasions, has described cryptocurrencies as a scam during his term in office and even after leaving.
Last year, he reportedly said that Bitcoin seems like a scam and that he does not like it because it is another currency competing against the US dollar.
So Trump seeking re-election would pose a significant problem for the crypto industry where Bankman-Fried and his company is a major stakeholder.