David Sacks Dumps Crypto, Trump's Crypto Summit Looms
1min read David Sacks, the White House's AI and crypto czar, has confirmed that he does not hold any crypto assets. In a statement on X on March 2, Sacks revealed that he sold all his cryptocurrency holdings, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), prior to the start of the Trump administration.
Sacks' comments came in response to a Financial Times article shared by George Hammond, which reported that his investment firm, Craft Ventures, retains stakes in a small number of crypto startups. According to the FT, both Sacks and the firm sold their direct cryptocurrency holdings soon after Trump's inauguration.
Craft Ventures, founded by Sacks in 2017, has launched four funds since its inception. Its last fund was closed in November after raising $712 million. The firm's investments include Bitwise Asset Management, crypto custodian BitGo, and social media giants meta, reddit, and X. Sacks also invested in Solana-focused venture firm Multicoin Capital in 2018.
In an earlier post, Sacks praised President Trump's efforts to make the US the "Crypto Capital of the World," following his announcement of a strategic crypto reserve on March 2. President Trump will host the first White House Crypto Summit on March 7, bringing together industry leaders and executives to discuss regulations, stablecoins, and the proposed US crypto reserve.
Meanwhile, Eric Trump, the president's son, expressed his enthusiasm for the strategic reserve announcement, stating that it gave retail investors an advantage over traditional finance. Anthony Pompliano, the founder and CEO of Professional Capital Management, shared a similar sentiment, highlighting the irony of Wall Street's inability to participate due to its antiquated hours of operation.