Crypto Czar’s Personal Portfolio: Zero Crypto
David Sacks, the White House’s designated AI and crypto czar under President Donald Trump, has confirmed that he doesn’t hold any cryptocurrency. In a tweet on March 2, Sacks stated that he sold off all his crypto assets, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), before Trump’s inauguration.
“I sold all my cryptocurrency (including BTC, ETH, and SOL) prior to the start of the administration,” Sacks said in response to a report from The Financial Times, shared by George Hammond. This comment follows an article that highlighted Sacks’ investment firm, Craft Ventures, still holding stakes in a few crypto startups despite his personal crypto holdings being liquidated.
Craft Ventures: A Venture Firm with Crypto Exposure
While Sacks no longer owns cryptocurrency, his firm, Craft Ventures, remains invested in the crypto sector. According to the Financial Times, Craft Ventures retains investments in a “small number of crypto startups.” Founded by Sacks in 2017, the San Francisco-based venture capital firm has raised four funds since its inception, with its most recent fund closing in November after raising $712 million.
Craft Ventures has stakes in notable companies like Bitwise Asset Management, the crypto custodian BitGo, and even social media giants like Meta, Reddit, and X. In 2018, Sacks also invested in Multicoin Capital, a venture firm focused on Solana, one of the major blockchain ecosystems. Even though Sacks has sold off his direct crypto holdings, his firm still has significant exposure to the crypto world through its investments in these firms.
Trump’s Crypto Agenda: Bold Moves Ahead
Sacks’ comments come at a time when President Trump is taking bold steps to solidify the US as the “crypto capital of the world.” On March 2, Trump announced the creation of a strategic crypto reserve, a move that’s part of his broader push to regulate and embrace the digital asset sector. Sacks, in an earlier post, praised Trump’s commitment to this vision, saying the President is “keeping his promise” to make the US a leader in crypto.
In line with this, the White House will host its first-ever Crypto Summit on March 7. The event will bring together industry leaders and executives to discuss pressing issues like regulations, stablecoins, and the newly proposed US crypto reserve. This summit could be a pivotal moment in shaping the future of crypto in the US, with both regulatory frameworks and institutional involvement at the forefront of discussions.
Trump’s Strategic Reserve Announcement Sends Crypto Markets Soaring
The announcement of the strategic reserve has already had an impact. Eric Trump, the President’s son, praised the timing of the announcement, calling it a “genius” move to make such a significant crypto-related declaration on a Sunday when traditional markets are closed. The crypto market responded positively, soaring 12% in reaction to the news.
“For the first time, retail investors win,” Eric Trump exclaimed, highlighting how retail crypto investors could benefit from moves like these, especially when traditional finance “better catch up, or it will quickly become extinct.”
Wall Street’s Response: Old Models Meet New Opportunities
Not everyone in the financial world is as bullish on the change. Anthony Pompliano, founder and CEO of Professional Capital Management, found it “objectively hilarious” that President Trump’s announcement of a strategic crypto reserve couldn’t be immediately acted upon by traditional financial institutions due to their outdated operating hours.
Pompliano’s comment underscores the growing divide between the rapidly evolving crypto space and the more slow-moving traditional financial markets. As more people look to embrace the possibilities of crypto, many are wondering if traditional finance can keep up with the new world order.
A Crypto Tsar with a Distant Relationship to Crypto Assets
While Sacks’ personal involvement with cryptocurrency may be minimal, his influence on crypto policy and his firm’s ongoing investments in the sector are proof that he remains a key player in the space. With the Trump administration pushing forward with major crypto initiatives, it’s clear that Sacks’ role will continue to shape the US’s future relationship with digital currencies.
As the crypto landscape continues to evolve, one thing is certain: whether or not he holds any personal crypto, David Sacks is deeply embedded in the shaping of the future of cryptocurrency in the United States. The direction set by Trump’s crypto czar could pave the way for a new era of crypto regulation and institutional participation in the US economy.
