As a researcher with a keen interest in the intersection of technology, finance, and policy, I find the appointment of David Sacks as the White House A.I. & Crypto Czar intriguing. His background as an ex-PayPal executive, coupled with his current role as co-host of the All-In podcast, lends credibility to his insights in the crypto space.
David Sacks, a former executive at PayPal, who has recently been appointed as the “AI and Crypto Advisor” by U.S. President-elect Donald Trump, is an ardent supporter of the Solana cryptocurrency and an investor in Multicoin Capital, a firm specializing in crypto investments.
On December 5th, Trump officially appointed Sacks, who previously served as the chief operator at PayPal and now co-hosts the “All-In” business and technology podcast, to a position.
Beyond his passion for cryptocurrency and artificial intelligence, this newly appointed “crypto leader” is recognized as a substantial backer of Solana (SOL) and various other projects within the crypto sector.
Back in October 2021, Sacks revealed that he owned substantial quantities of Solana, which he had purchased at a reduced price, during the 50th installment of his podcast titled “All-In“.
Later on, Sacks described SOL as the “most remarkable recovery” expected in late 2023, emphasizing that despite the downfall of FTX, a situation connected to Solana due to its significant involvement with SOL, he decided against selling SOL.
Sacks denies dumping SOL on retail post-FTX
In December 2023, during the 159th episode of “All-In”, Sacks emphasized a 92% return on annual SOL investments, contradicting speculations that he had sold off his SOL assets, instead confirming that he was holding onto it.
Despite some internet users falsely accusing us of purchasing Solana at a reduced price and later selling it to retail customers without proof, Sacks clarified in December 2023 that such allegations were unfounded.” Alternatively, “Sacks stated in December 2023 that the claims made by certain individuals online, suggesting we bought Solana cheaply and sold it to retail investors with no evidence, were false.
“Let’s just say that those of us who are still holding bags of Solana are very happy campers right now.”
“Crypto czar” talked about Solana flipping Ethereum in 2021
The recently appointed “cryptocurrency leader” in the U.S. has expressed some assertive opinions regarding Solana, implying that it could challenge Ethereum and become a robust platform for executing smart contracts.
During the 50th episode of the “All-In” podcast in 2021, Sacks discussed the possibility that Solana could surpass Ethereum as the most favored blockchain platform.
“There’s a lot of people, I’d say, smart money in Silicon Valley who are betting on a flipping where Solana could ultimately overtake Ethereum as the preferred platform.”
As a crypto investor, I found myself nodding in agreement as he pointed out that while Solana might not surpass Ethereum in terms of market value, it was still holding strong as the seventh-largest cryptocurrency at the time. With its promising potential for growth, I couldn’t help but feel excited about the possibility of witnessing SOL reach even greater heights.
Currently, Solana ranks as the fifth most valuable cryptocurrency, boasting a total market capitalization of approximately $111 billion. This position is held after Bitcoin (BTC), Ether (ETH), Tether (USDT) and XRP (XRP), as indicated by CoinGecko’s latest data.
Sacks invested in Multicoin Capital in 2018
Beyond just being an ardent supporter of Solana, Sacks has also invested in Multicoin Capital, a prominent crypto venture dedicated primarily to Solana projects.
In the year 2018, Sacks made a substantial investment in Multicoin, joining other investors such as venture capitalist Marc Andreessen.
He explained in a post that the team at Multicoin are not only traders, but they are also tech experts who have a knack for assessing new technology in an ever-changing and fast-paced environment. Through their guidance, we’ve gained an immense amount of knowledge,” he wrote as Craft Ventures co-founder and general partner, detailing why he invested in Multicoin.
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2024-12-06 14:20