The White Home’s “Crypto Czar” David Sacks says he bought all of his crypto, together with Bitcoin (BTC), Ethereum (ETH) and Solana (SOL), earlier than the beginning of Donald Trump’s presidency.
Sacks says he additionally owned a $74,000 place in a Bitwise exchange-traded fund, which he bought on January twenty second, two days after Trump’s inauguration.
Sacks beforehand served as PayPal’s chief working officer (COO) and is a high-profile enterprise capitalist who has invested in Airbnb, Palantir, Postmates, Reddit, Slack, SpaceX, Twitter, Uber and different big-name tech corporations.
He’s additionally sunk capital into crypto tasks, together with participating in a $10 million Sequence A spherical for the decentralized trade (DEX) dYdX (DYDX) in 2018 by way of his development fund Craft Ventures.
The Monetary Instances, citing “an individual with data of the matter,” reports that Craft Ventures nonetheless holds stakes in “a small quantity” of crypto startups, although the agency additionally bought off its direct crypto holdings.
Trump confirmed over the weekend that the US will set up a “crypto strategic reserve,” noting that it’s primed to incorporate Bitcoin, Ethereum, XRP, Solana and Cardano (ADA).
Trump framed the reserve as a response to what he referred to as “corrupt assaults” on the crypto trade by the Biden Administration, emphasizing his purpose to make the US the “crypto capital of the world.”
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