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-7.34%Reading
Sam Bankman-Fried, founder of crypto derivatives exchange FTX, counts himself among one of Joe Biden's top campaign contributors with a $5.2 million donation.
Election time! The battle between “Sleepy” Joe Biden and “Tiny Hands” Trump will be fought at the polls tonight, and perhaps in the courts over the coming weeks. But what’s this doing to Bitcoin, and how does 2020’s election stack up to the last election? Bitcoin’s price on election day is $13,685, according to metrics site CoinMarketCap, up 1.82% in the past 24 hours. On 2016’s election night, when President Trump beat “Crazy/Crooked/Lyin’” Hillary Clinton, the price of a single Bitcoin was $7...
As the divisive US election chugs along, news of the donation has spread through crypto Twitter.
"Biden - funded by yield farming," quipped Nansen CEO Alex Svanvik in a nod to FTX's DeFi Index futures contract.
Biden - funded by yield farming https://t.co/q1Bbeyt0I8
— Alex Svanevik 🧭 (@ASvanevik) November 5, 2020
The donation disclosure came per Opensecrets.org, a website aggregating the top contributors to the 2020 US presidential race.
While the prize for the largest contribution goes to Bloomberg LP, with a $57.5 million donation, FTX's comparatively humble $5.2 million handout comes in close behind that of Google's parent company, Alphabet, which offered the Biden campaign $6.3 million.
According to crypto researcher Adam Cochran, rather than going to Biden directly, FTX's hefty donation went to a political action committee (PAC) based out of Silicon Valley.
"That can be either top ticket support or corporate lobbying," Cochran remarked.
For many, however—regardless of the donation vehicle—nothing changes the fact that a crypto exchange is now permanently etched as a top contributor for a potential US president.
I don't think that nuance really matters.
Biden's senior advisors will all remember that name, and they see mass donations to Democratic races as donations to Biden.
Good on SBF to do so- probs gonna get a lot of good will that's sorely needed in this space
— Cheesy Capital (@CheesyCapital) November 5, 2020
Indeed, as results trickle in, it's becoming more and more likely that Bankman-Fried backed the winning candidate. According to the Associated Press, Biden remains firmly in the lead with 264 electoral college votes to Trump's 214.
Crypto exchange Poloniex has listed two ERC20 tokens called TRUMPWIN and TRUMPLOSE. The tokens will be redeemable on FTX for either 1 or 0 USD, based on the outcome of the US Presidential election—meaning that they hold up a mirror to users' beliefs about the likelihood of a second Trump term or a Biden victory. According to the Poloniex website, both tokens act as “tradeable prediction markets where the market price of TRUMPWIN should be roughly equal to the probability that Trump will win the...
Put another way, Biden only needs 6 more electoral college votes to secure the 46th US presidency—and it's a crypto exchange that helped him get there.
U.S. Senator Ted Cruz (R-TX) has introduced a new bill aiming to turn waste energy into electricity for Bitcoin mining. The Facilitate Lower Atmospheric Released Emissions (FLARE) Act, introduced on March 31, is geared towards making waste energy productive by capturing gas that would otherwise be flared or vented. The plan is to incentivise this capture by offering full expensing for property used to capture that gas. My legislation, the FLARE Act, incentivizes entrepreneurs and crypto miners...
Shoppers in Singapore can now use crypto to pay for gadgets on the Sony Store Online. In a statement on Tuesday, Sony Electronics Singapore said it has enabled USDC payments through crypto exchange Crypto.com’s payment service, marking the company’s first local move into direct crypto transactions. The feature allows customers to check out using USDC, a stablecoin pegged to the U.S. dollar. It’s currently exclusive to the Sony Store Online and available only via Crypto.com’s payment system. Wi...
The Trump family is digging deeper into Bitcoin—this time, with a mining venture backed by Eric Trump. The President’s son is teaming up with Miami-based Hut 8 to launch American Bitcoin Corp. The mining operation aims to go public and become one of the largest in the country, according to a Bloomberg report on Tuesday. The announcement marks another step in the family’s broader crypto strategy after the launch of World Liberty Financial in October and the USD1 stablecoin in March. “It’s excitin...
