Crypto billionaire could spend $1B for Democrats in 2024 election
Sam Bankman-Fried says his donations will back 'sane governance,' not party politics
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Crypto billionaire Sam Bankman-Fried may look to become the largest ever donor in a single election during the 2024 cycle by throwing in a whopping $1 billion for the Democratic Party.
According to a podcast interview released Tuesday, the 30-year-old founder of the cryptocurrency exchange FTX said he anticipates giving "north of $100 million" in the next presidential election.
Chief Executive Officer of FTX Trading Limited Sam Bankman-Fried speaks during a House hearing. (Jabin Botsford/The Washington Post via Getty Images / Getty Images)
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But that number could jump times 10 if Donald Trump makes another bid for the commander in chief role, Bankman-Fried said, adding he has a "soft ceiling" of $1 billion.
Bankman-Fried was estimated to be worth $22 billion in October 2021 by Forbes.
"It really does depend on what happens. It's really dependent on exactly who's running where, for what," he said while on the Pushkin Industries podcast "What’s Your Problem."
"[$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," he added.
President Joe Biden walks past members of the media as he and first lady Jill Biden leave the White House Feb. 27, 2021, en route to Wilmington, Delaware. (AP / AP Newsroom)
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Trump has not officially announced a presidential bid, but his presence in GOP primary campaigns suggests the former president is looking to make another bid.
The crypto billionaire was reportedly one of the biggest donors to President Biden’s 2020 presidential campaign.
Bankman-Fried said he doesn’t care so much about party politics but said he will put his money behind "sane governance," adding he believes the U.S. has a responsibility to "shepherd" the world in a "powerful but responsible manner."
Members of Congress listen via video conference as Sam Bankman-Fried speaks during a House Financial Services Committee hearing in Washington, Dec. 8, 2021. (Stefani Reynolds/Bloomberg via Getty Images / Getty Images)
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Social projects like animal welfare, anti-poverty causes, and pandemic preparedness are chief concerns for Bankman-Fried.
The billionaire said there was also a "very low" possibility that he donates zero funds for the Democratic Party if he feels the campaigns are already secure.