U.S. president-elect Donald Trump has named venture capitalist and podcast host David Sacks to be the country’s new “Crypto Czar.”
On social media, Trump said that Sacks will join his White House administration in the newly created role of “White House A.I. & Crypto Czar.”
This means that Sacks will spearhead the Trump administration’s policies for artificial intelligence and cryptocurrency.
One of Sacks first tasks will reportedly be to create a legal framework for crypto such as Bitcoin (BTC), as well as leading a presidential council of advisors on science and technology.
Sacks was a major Trump supporter during the U.S. election campaign, hosting a fundraiser at his San Francisco mansion that charged $50,000 U.S. per person to attend.
However, Sacks has been critical of Trump in the past, notably after the Capitol Hill riot in January 2021.
Sacks said on his “All-In” podcast that Trump was “clearly” responsible for the events of January 6, and that he had “disqualified himself from being a candidate at a national level.”
However, by this summer, Sacks was speaking at the Republican National Convention and raising money to get Trump re-elected.
Besides his podcast, Sacks is a venture capitalist and entrepreneur who sold Yammer to Microsoft (MSFT) for $1.2 billion U.S. back in 2012.
He’s also a member of the so called “PayPal mafia,” a group of prominent technology figures, including Elon Musk and Peter Thiel, who founded and grew PayPal (PYPL) in the 1990s.
The price of Bitcoin has pulled back to trade at $98,000 U.S. after rising to a record high of $103,000 U.S. in recent days.
