Sacks further emphasized that Bitcoin’s mobility is a key aspect that makes the cryptocurrency appealing in times of societal unrest. Just recently, President-elect Trump selected David Sacks.
The position of chief advisor on artificial intelligence and cryptocurrency. The newly appointed “Crypto Czar” is an experienced techie who is not only in favor of cryptocurrencies but has also praised Bitcoin BTC$99,554 for its ability to decouple money from the state.
Sacks Back Bitcoin Industry Reacts
While speaking with Anthony Pompliano, the software entrepreneur and former PayPal executive praised Bitcoin for its decentralized nature and ability to withstand censorship. For a long time, Sacks said Pompliano, the Church and the state were one and the same. Nothing about the two is even remotely possible apart from thinking about them together.
Nowadays, we’re mainly concerned with separating the two. States and money seem to be comparable in that respect. We can’t fathom a society without the state, but Bitcoin symbolizes a science-fictional future where the state and money can be separated.
With Sacks’s public endorsement of the cryptocurrency industry as an argument, many in the industry have taken to social media to share their joy at Trump’s choice of Sacks as a top advisor.
Trump Names Sacks Crypto Czar
Trump promised that David Sacks, his new “AI and Crypto industry” advisor, would assist in creating a transparent regulatory framework for digital assets when he appointed him on December 5. Sacks admitted that he kept his SOL investment even after FTX collapsed in November 2022, and he is famously a big investor in Solana (SOL$235.55).
According to prior predictions, the incoming Crypto Czar has put the market valuation and usage of SOL at $3,972.20 per Ethereum (ETH), and he is a supporter of the Crypto investment firm Multicoin Capital. According to Sacks, who appeared on the All In podcast in 2021, many people—perhaps even some of the most intelligent investors in Silicon Valley—are putting their money on a coin flip in which Solana might replace Ethereum as the most popular platform.
Scott Bessent, a pro-crypto hedge fund manager, was nominated to the position of Treasury Secretary, and Sacks’ appointment came after his. According to Bessent, “The crypto economy is here to stay.” He has also described crypto as a liberating kind of money.
Also Read: Why the best for Bitcoin to shine this week
Summary
President-elect Trump named David Sacks his “Crypto Czar.” He advises him on AI and cryptocurrency. Bitcoin’s decentralization and potential to decouple money from the state impressed Sacks, a cryptocurrency advocate. Bitcoin promises a state-money-independent future, he says. Crypto enthusiasts are excited by Sacks’ endorsement.
Sacks invests in Solana (SOL) and Multicoin Capital in addition to Bitcoin. Solana may challenge Ethereum’s dominance in the crypto market, he believes. Crypto industry enthusiasts welcome Sacks’ appointment to help develop a transparent digital asset regulatory framework.
FAQs
What is Bitcoin's appeal, according to Sacks?
Sacks highlights Bitcoin’s mobility and its ability to function independently of the state, making it appealing during societal unrest.
What role does Sacks play in the cryptocurrency industry?
As "Crypto Czar," Sacks is tasked with developing a transparent regulatory framework for digital assets.
What is Sacks’ stance on Solana (SOL)?
Sacks is a significant investor in Solana and believes it could rival Ethereum's dominance in the crypto space.
How did the crypto industry react to Sacks' appointment?
Many in the crypto industry have expressed excitement on social media, welcoming Sacks' endorsement and support.
