Major Insights
- David Sacks liquidated his complete collection of Bitcoin, Ether, and Solana prior to his tenure in the Trump administration.
- The administration’s goal is to establish the US as a leader in the global cryptocurrency space, which will be initiated by the first Crypto Summit led by Sacks.
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David Sacks, the White House AI and Crypto Czar, has confirmed that he sold off his complete digital assets portfolio, including Bitcoin, Ether, and Solana, prior to his appointment in the Trump administration.
“I divested all my cryptocurrency (including BTC, ETH, and SOL) before the administration began,” Sacks mentioned while responding to FT correspondent George Hammond’s tweet about Trump’s crypto czar selling his personal crypto assets.
Although Sacks’ venture capital firm, Craft Ventures, holds investments in crypto startups, he, along with the firm, has divested any direct crypto assets since the inauguration of Trump.
Sacks will chair the inaugural White House Crypto Summit next Friday, which will bring together leaders from the crypto sector alongside the President’s Working Group on Digital Assets. This summit forms part of the administration’s plan to establish the US as a leader in the crypto world and to formulate clear regulatory frameworks for the industry.
A seasoned crypto investor
As an experienced Bitcoin investor, Sacks perceives crypto assets as an evolution of the foundational vision of PayPal aimed at creating a “database of money.” He has invested in institutional custody via BitGo and crypto-focused hedge fund Multicoin Capital.
“Bitcoin presents a novel type of currency that is not government-backed; it is supported by mathematics; it’s backed by encryption. Trust is no longer reliant on the government. There will only ever be 21 million BTC. You only need to trust that Bitcoin won’t be compromised,” Sacks stated during an interview with Anthony Pompliano.
Sacks is recognized for being bullish on Solana, where he invested through Multicoin. He retained his SOL position despite market volatility, yielding significant returns from this investment. In a podcast, Sacks shared that this investment produced approximately $1 billion in returns.
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