The political dynamics in the world’s largest economic country are changing. In the United States, the crypto holders are showing interest in upcoming politics, including Tesla CEO Elon Musk, who is thinking of participating in the 2024 US political elections by using his social media fanbase.
Sam-Bankman Fried openly accepted the truth on social media platforms that he spent some of the profits on the election campaign that is going to be held on November 8, 2022. It is not the first time that FTX has been involved in politics; two years ago, in the 2020 elections SBF spent nearly $5.2 million ((USD) on Joe Biden’s election campaigns in the US.
Now SBF is ready to spend approximately $1 billion (USD) on upcoming 2024 presidential elections. The CEO of crypto exchange platform FTX, has planned to increase the funds up to $1 billion (USD). FTX frequently collaborates with a large number of potential investors to raise the fund, which will aid in financial acquisitions during the bear market.
Recently, FTX started FTX Ventures, with a venture fund of $2 billion (USD). The main purpose of the venture is to support the development of Web 3 adoption, digital currency, and block chain technology.
FTX.COM, a cryptocurrency exchange platform, has constantly gained faith from investors due to the firm’s provision of tokenized stocks, leveraged tokens, and an OTC desk on the platform. FTX is recorded as one of the third-largest crypto exchange platforms after Binance and Coinbase Exchange.
Besides that, FTX developed a foundation, headed by Sam-Bankman Fried, to raise funds for the world’s most effective charities through the FTX giving program. The ultimate aim of the program is to save lives, reduce suffering, protect the climate, and build a flourishing future. Nearly the entire FTX foundation has donated over $140 million (USD) across the world. FTX also contributes 1% of net user fees to the foundation.
Sam-Bankman Fried had reacted to Musk’s new idea of charging users $8 (USD) to get a blue tick for their verified accounts. He stated that it will help the users to secure their accounts from scammers who are targeting the Twitter accounts.
Source: https://www.thecoinrepublic.com/2022/11/20/the-crypto-owners-are-into-politics-sbf-donated-in-the-us-midterm-elections/