Crypto exchange CEO makes one of the largest donations to Biden campaign

Sam Bankman-Fried, the CEO of the cryptocurrency FTX, made a large donation to Joe Biden’s 2020 presidential campaign. Biden, the Democratic Party’s nominee for this year, received one of his largest donations worth $5.2m from Bankman-Fried. 

Bankman-Fried is the CEO of FTX, a cryptocurrency based in Hong Kong. He, along with several other influential tech personas, is also a member of the wealthiest Democratic PAC (Political Action Committee), Future Forward.

Importance of funds

Biden’s campaign was the recipient of nearly $80m from his top 100 donors, while Trump only got $75m. 

Future Forward, in the 2020 Presidential campaign, planned to donate nearly $108m to Joe Biden’s humongous ad campaigns. These advertisements were supposed to influence last-minute swing voters.

The difference in available funds between the two campaigns might just cost one of them the race. These funds coming from wealthy donors are important to the campaign. 

Biden’s largest donation came from former New York Mayor Michael Bloomberg, who boosted the campaign with $56m. 

The Wall Street Journal reported the details of Joe Biden’s presidential campaign funds on October 28. 

Will Biden root for cryptos?

With a bitcoiner in the Senate in the latest elections – Cynthia Lummis of the Republican Party representing the state of Ohio – the cryptocurrency lobby has a chance to stabilise the industry. 

Joe Biden is currently leading the race. His recognition that one of his largest donors is a cryptocurrency stalwart is a big boost to the crypto lobby in the United States.