The White House’s “Crypto Czar” David Sacks says he sold all of his crypto, including Bitcoin (BTC), Ethereum (ETH) and Solana (SOL), before the start of Donald Trump’s presidency.
Sacks says he also owned a $74,000 position in a Bitwise exchange-traded fund, which he sold on January 22nd, two days after Trump’s inauguration.
Sacks previously served as PayPal’s chief operating officer (COO) and is a high-profile venture capitalist who has invested in Airbnb, Palantir, Postmates, Reddit, Slack, SpaceX, Twitter, Uber and other big-name tech companies.
He’s also sunk capital into crypto projects, including participating in a $10 million Series A round for the decentralized exchange (DEX) dYdX (DYDX) in 2018 via his growth fund Craft Ventures.
The Financial Times, citing “a person with knowledge of the matter,” reports that Craft Ventures still holds stakes in “a small number” of crypto startups, though the firm also sold off its direct crypto holdings.
Trump confirmed over the weekend that the US will establish a “crypto strategic reserve,” noting that it is primed to include Bitcoin, Ethereum, XRP, Solana and Cardano (ADA).
Trump framed the reserve as a response to what he called “corrupt attacks” on the crypto industry by the Biden Administration, emphasizing his goal to make the US the “crypto capital of the world.”
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