White House AI and cryptocurrency authority David Sacks has acknowledged that he does not possess any cryptocurrency holdings, having divested all assets before US President Donald Trump’s swearing-in.
“I sold all my digital currencies (including BTC, ETH, and SOL) before the administration commenced,” Sacks stated on X on March 2.
His remarks were in reaction to a Financial Times piece circulated by George Hammond on March 2, indicating that his investment firm, Craft Ventures, holds shares in a “limited number of crypto startups.”
“According to an informed individual, both he [Sacks] and the firm divested their direct cryptocurrency investments shortly after Trump’s inauguration,” reported the FT.
Founded by Sacks in 2017, the San Francisco-headquartered venture capital firm has launched four funds since its inception, with the latest one concluding in November after securing $712 million.
As per the official website, Craft Ventures has made investments in Bitwise Asset Management, crypto custodian BitGo, and social media powerhouses Meta, Reddit, and X. Sacks also invested in the Solana-focused venture firm Multicoin Capital in 2018.
Source: David Sacks
In a previous post, Sacks noted that President Trump “is fulfilling his pledge to establish the US as the Crypto Capital of the World,” following his declaration of a strategic crypto reserve on March 2.
President Trump is set to host the inaugural White House Crypto Summit on March 7, gathering industry leaders and executives to deliberate on regulations, stablecoins, and the proposed US crypto reserve.
Related: Crypto czar David Sacks compares Trump’s memecoin to a ‘baseball card’
In the interim, President Trump’s son, Eric Trump, expressed his admiration for “the brilliance” of announcing a strategic reserve on a Sunday, a time when traditional markets are closed and Wall Street is inactive.
“For the first time, retail investors are victorious,” he proclaimed as cryptocurrency markets surged 12% in response to the announcement. “Traditional finance better adapt or it will swiftly become obsolete,” he remarked.
Anthony Pompliano, the founder and CEO of Professional Capital Management, shared the view, stating it was “objectively humorous” that Trump proclaimed a strategic reserve for cryptocurrency, yet Wall Street cannot engage “because they have outdated operating hours.”
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