White House Crypto Czar David Sacks made a considerable Bitcoin purchase at $130 in 2013. Sacks, a member of PayPal and one of Silicon Valley’s biggest investors has keen eyes for investments. His investment in the asset was 11 years ago, more than a decade before he was appointed as the White House Crypto and AI Czar.
With Bitcoin up 76,00% since 2013, Sacks’ knack for making good investments cannot be overlooked. Although he is known for his foray into companies like SpaceX and Meta, Sacks has already toured the tech world before being appointed in a role where he is well-versed.
White House Crypto Czar’s dealing in the crypto world
In a chat with Anthony Pompliano, Sacks explained what he saw in the asset while noting that bus interest isn’t just casual. He likened the relationship to the one between the government and money or the church and the state. “The Church and state used to be intrinsically linked,” he said. “Now, we think about them being separate. Bitcoin, it’s sort of this sci-fi future where you could maybe have these two things decoupled.”
According to Sacks, Bitcoin presented a perfect way out in the face of inflation and censorship. However, his love runs deeper than Bitcoin, with Sacks saying he holds a portion of Solana. He revealed that he refused to sell his SOL holdings even in the face of the FTX collapse. He has consistently praised the token, predicting that it could one day flip Ethereum.
In a podcast in 2021, Sacks said, “There’s smart money in Silicon Valley betting on a flipping where Solana overtakes Ethereum as the preferred platform.” He also revealed his admiration for Multicoin Capital, highlighting his love for blockchain. His appointment is the most perfect round peg in the round hole scenario. Before his appointment, Trump announced Scott Bessent, another pro-crypto individual as Treasury Secretary, showing that the crypto industry is in safe hands.
AI industry participants raise eyebrows
Meanwhile, Sacks’ appointment has caused unease, especially in the AI sector because of his past dealings. Although a critic of government regulation stifling tech innovation, there is a lot to worry about his rise to power. Sacks has been a vocal critic of OpenAI, criticizing the platform’s decision to move to a model that helps them make a profit. The platform was created in 2015 as a nonprofit initiative, with Elon Musk backing it with $50 million.
However, along the line, Altman created a wing tasked with making a profit to support the organization’s operations. Recently, Elon Musk, one of the project’s early backers filed a petition against the firm, claiming it went against earlier agreement. Sacks has been on Musk’s side, noting that the AI company misled its investors. He said the firm became a piranha when it moved from its core mission to making profit its sole purpose for existence.