Key Takeaways
- David Sacks sold his entire portfolio of Bitcoin, Ether, and Solana before joining the Trump administration.
- The White House aims to position the US as a global crypto leader through its inaugural Crypto Summit chaired by Sacks.
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David Sacks, the White House AI and Crypto Czar, confirmed today that he had sold his entire portfolio of digital assets, including Bitcoin, Ether, and Solana, before joining the Trump administration.
“I sold all my cryptocurrency (including BTC, ETH, and SOL) prior to the start of the administration,” Sacks stated in response to FT correspondent George Hammond’s tweet, which reported that Trump’s crypto czar had sold his personal crypto holdings.
While Sacks’ venture capital firm, Craft Ventures, maintains investments in crypto startups, both he and the firm have divested their direct crypto holdings following Trump’s inauguration.
Sacks is set to chair the inaugural White House Crypto Summit next Friday, which will unite crypto industry leaders with the President’s Working Group on Digital Assets. The summit is part of the administration’s initiative to position the US as a global crypto leader and develop clear regulatory guidelines for the industry.
A long-time crypto investor
A long-time Bitcoin investor, Sacks views crypto assets as an evolution of PayPal’s original vision of creating a “database of money.” His venture capital firm has invested in institutional custody through BitGo and crypto-focused hedge fund Multicoin Capital.
“What Bitcoin offers is a different kind of currency where it’s not backed by a government; it’s backed by math; it’s backed by encryption. You don’t have to trust the government. There will only be 21 million BTC. You just have to trust that Bitcoin effectively won’t be cracked,” Sacks said in an interview with Anthony Pompliano.
Sacks is known to be bullish on Solana, having invested in it through Multicoin. He maintained his SOL position despite market turbulence and reported substantial returns from this investment. In a podcast, he mentioned that this investment generated returns of around $1 billion.
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