Co-founder of the popular crypto exchange, Sam Bankman-Fried, is a 30-year-old billionaire with a net worth of $15 billion. Holding the title of one of the most powerful men in the crypto space, he is also a megadonor who has donated millions to political campaigns.
Compared to the likes of George Soros and Peter Thiel by some, the crypto giant spent millions of dollars to support US President Joe Biden’s campaign and was among the most prominent donors for this year’s mid-term.
One of his other contributions to PAC includes a $10 million donation to an Oregon House candidate who ended up failing terribly. Nevertheless, his plans to spend money on political campaigns have democrats on the edge of their seats.
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In an interview that took place early this year, he stated that he was looking to spend around $1 billion on donations towards the PAC before 2024.
Sam Bankman-Fried Slows Down Donations in Major Political Rug Pull
Now, it seems like the crypto megadonor has gone quiet, so the donations that he funneled so generously have begun to slow down. Last week, he went back on the $1 billion figure, something that analysts are calling a political rug pull.
According to various political analysts, the FTX co-founder aims for effective altruism, which tries to make the world a better place through rational means.
Hence, his political compass is oriented toward preparing for future pandemics, which are growing more and more likely.
But at the same time, Bankman-Fried has also made donations to candidates at the National Republican Congressional Committee, who aren’t as concerned about a future pandemic.
Despite his deep concern for the ‘facts and science,’ he isn’t using his money to prevent vaccine skeptics from gaining power. Rather, he’s holding off.
FTX Co-founder Remains a Mystery in The Crypto Space
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Nevertheless, various things about the FTX co-founder fail to make sense. Although he’s one of the richest men in the world, he still drives a Toyota Corolla. Moreover, he’s stated that his goal to accumulate his wealth is to give it away.
He also has a communication style that’s very casual for someone owning a $32 billion crypto firm. In an interview for The Atlantic, he said that he’s likely to be most active during the primaries.
Instead of seeing things from a partisan lens, his focus is on promoting constructive policymakers who will take the lead when it comes to preventing the next pandemic.
Recommend Good Policy Than Think From FTX’s Perspective, Says Bankman-Fried
In his view, Bankman-Fried tries to recommend good policies rather than focusing on which party can support the crypto sector. In fact, he claims that the issue of crypto becoming a hyper-partisan has yet to happen.