Will Joe Biden Pardon SBF? Elon Musk’s Shocking Prediction

• Elon Musk predicts Biden might pardon FTX founder SBF, fueling widespread speculation.
• Polymarket shows only a 5% chance for SBF’s pardon, while Ulbricht has a 67% likelihood.
• Potential pardon raises concerns over crypto market stability and investor confidence.

Elon Musk, CEO of Tesla, has made a riveting forecast that has elicited much debate. He speculated that President Joe Biden could pardon Sam Bankman-Fried (SBF), the founder of the defunct FTX crypto exchange. Musk’s comments were made on December 23 in reply to a post on X about SBF’s political donations. Musk answered: “I will be shocked if this doesn’t happen.”

SBF has not been spared the legal woes since December 2022, when he was charged with defrauding customers of billions of dollars. These assets were used to repay Alameda Research’s debt and buy expensive estate in the Bahamas. In March 2023, SBF was convicted and received a 25-year prison sentence, which is a huge demotion from the zenith of his crypto journey.

Polymarket’s Pardon Predictions

On the other hand, the prediction market Polymarket gives a different view regarding the probability of a pardon. Polymarket, a prediction market, shows only 5% of the chances of SBF to get clemency. On the other hand, there is Ross Ulbricht, the creator of the Silk Road darknet marketplace and a man currently in prison, who has a 67% of being pardoned

The possibility of a presidential pardon has triggered concerns about its effects on the cryptocurrency market. This is due to the failure of the exchange, especially the FTX digital assets as the confidence in the digital assets is already low. Such a decision may be interpreted by investors as a sign of the system’s fragility, leading to price fluctuation and increasing uncertainty.

Still, the Biden administration has not officially mentioned the possibility of a pardon. Musk’s statements have brought SBF’s case back into the spotlight and put continued focus on the future of the crypto industry. The situation remains somewhat unclear, and the market participants are still waiting for new signals of further development of digital assets.