Crypto: ‘Czar’ David Sacks Has None
Word on the street is that David Sacks, the White House’s go-to guy for AI and crypto matters, has officially stated he’s not holding any crypto himself. Turns out, he sold off all his digital assets before Donald Trump took office.
In a tweet on March 2nd, Sacks clarified, “Just to set the record straight, I sold all my cryptocurrency (that includes BTC, ETH, and SOL) before the current administration even started.” You can see his exact words here on X.
This clarification came after a recent Financial Times article, flagged by George Hammond on March 2nd, pointed out that Sacks’ venture capital firm, Craft Ventures, still has investments in “a handful of crypto startups.”
The Financial Times piece further mentioned, citing a source familiar with the situation, that “both Sacks personally and his firm divested their direct crypto holdings pretty soon after Trump’s inauguration.”
Sacks founded Craft Ventures back in 2017 in San Francisco, and they’ve launched four funding rounds since. Their latest fund wrapped up in November, pulling in a cool $712 million.
If you check out their website, Craft Ventures boasts investments in some big crypto names like Bitwise Asset Management and crypto custodian BitGo, alongside social media giants like Meta, Reddit, and X. Interestingly, Sacks also personally invested in Multicoin Capital, a venture firm focused on Solana, back in 2018.
Source: David Sacks
Earlier, Sacks had also posted about how Trump is “delivering on his promise to make the US the crypto capital,” especially after Trump announced a strategic crypto reserve on March 2nd.
Looking ahead, Trump is set to host the very first White House Crypto Summit on March 7th. The summit will bring together key players and executives from the crypto industry to chat about regulations, stablecoins, and this proposed US crypto reserve.
Related: Crypto czar David Sacks likens Trump’s memecoin to a ‘baseball card’
Meanwhile, Eric Trump, the President’s son, expressed his enthusiasm, calling the Sunday announcement of a strategic reserve “genius,” especially since traditional markets were closed and Wall Street was presumably still asleep.
“For once, the everyday investor gets a win!” he exclaimed, noting the crypto market’s impressive 12% jump after the announcement. “Traditional finance better catch up quick, or they’re going to be left in the dust,” he added.
Anthony Pompliano, founder and CEO of Professional Capital Management, echoed this sentiment, finding it “genuinely hilarious” that Trump dropped the crypto reserve news when Wall Street couldn’t even react due to their “old-fashioned trading hours.”
Magazine: SCB tips $500K BTC, SEC delays Ether ETF options, and more: Hodler’s Digest
