Bitcoin Exchange Revealed as Top Contributor to Biden – Trustnodes

Bitcoin Exchange Revealed as Top Contributor to Biden

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FTX abstract

A bitcoin exchange where countless of cryptos and derivatives are traded daily, FTX, is one of the biggest contributor to the Joe Biden campaign according to Open Secrets.

FTX donated $5.2 million to the Biden 2020 campaign, not far off from Google’s Alphabet which gave $6.4 million.

Bloomberg is the top donor with $57 million, but FTX stands out as this is the first time a crypto exchange has donated millions to what may well be the president elect.

Biden’s position on bitcoin and cryptocurrencies is not know, but he is likely to promote innovation which may well translate to some of the research and development funds going towards this space.

In addition the American administration needs to maintain a lead against China in the tech race which includes artificial intelligence, space exploration, wi-fi technology, machine learning, autonomous vehicles and shipping digitization more generally, as well as blockchain utilization and capital formation digitization through tokenomics.

FTX itself is a relatively new crypto exchange by Sam Bankman-Fried who successfully used to run Alameda Research on Bitmex.

The exchange has somewhat quickly gained trading volumes, $170 million a day in spot crypto trading and $1.6 billion in derivatives.

It’s not clear whether they donated to the Trump campaign as well or whether the exchange picked Biden, but markets are betting the latter is the winner with the conclusive results yet to be announced.

That may well mean cryptos and Biden get off to a good start, but whether that will indeed be the case remains to be seen.

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