Crypto industry hails David Sacks, its new 'czar'

Trump officials did not respond when asked to clarify whether the new position would be internal to the government or whether Sacks would act as a “special government employee,” allowing him to continue serving in other capacities in the private sector. Sacks did not respond to a request for comment.

Sacks first rose to prominence as one of the first employees at payment technology company PayPal, which he created alongside Elon Musk, Peter Thiel, Reid Hoffman and others. Like other members of the so-called “PayPal Mafia”, Sacks went on to create several other companies. In 2012, he sold enterprise software company Yammer to Microsoft in a deal worth $1.2 billion. He now runs his own venture capital firm, Craft Ventures, which has already invested at companies such as AirBnb, Palantir and Slack, as well as crypto companies BitGo and Bitwise.

Sacks also co-hosts the popular While podcast where he used the platform to boost Trump. He's also shared a host of right-wing views: At the podcast summit in September, Sacks questioned the effectiveness of the system. Covid vaccine.

Like Musk, Sacks was a strong supporter of Trump during the presidential race. In a Message in June, he laid out his typical Silicon Valley reasoning: “Voters have lived four years under President Trump and four years under President Biden. In tech we call this A/B testing,” he wrote. “On economic policy, foreign policy, border policy and legal fairness, Trump performed better. This is the president who deserves a second term.

The same month, Sacks organized an exclusive fundraiser for the Trump campaign, which reportedly generated up to $12 million. Attendees reportedly included Vice President-elect JD Vance – who previously described Sacks as “one of my closest friends in tech” – as well as Cameron and Tyler Winklevoss, co-founders of crypto exchange Gemini .

In the weeks since Trump reclaimed the Oval Office, crypto markets have been booming. During the race, the president-elect made a a multitude of crypto-friendly commitmentsincluding a promise to put in place a “bitcoin stock.” In Sacks, Trump has chosen a czar who the crypto industry believes will deliver on his campaign promises.

December 6, the price of bitcoin vaulted beyond $100,000 for the first time. “YOU ARE WELCOME!!! [sic]“Asset job on Social Truth.