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David Sacks, an AI and cryptocurrency adviser to former President Trump, has divested over $200 million in digital assets, including bitcoin and ethereum, ahead of his new role. This includes selling stocks in Coinbase and Robinhood, as well as exiting several crypto funds. Despite these sales, Sacks retains interests in some illiquid digital asset firms through Craft Ventures, as part of a waiver to serve in his advisory position while leading the president’s Working Group on Digital Asset Markets.
David Sacks, an adviser to former President Trump on AI and cryptocurrencies, has divested over $200 million in digital assets, including bitcoin and ethereum, ahead of his new role. His firm, Craft Ventures, sold all liquid cryptocurrency holdings and exited investments in Coinbase and Robinhood, while Sacks personally faced significant tax costs. Despite these divestments, he retains interests in some illiquid digital asset firms, as part of a waiver to serve as Trump's AI and crypto adviser.
President Donald Trump’s Strategic Bitcoin Reserve, funded by seized assets, could alleviate approximately $18 billion in sell-side pressure, according to Coinbase's Conor Grogan. However, bitcoin's price fell 5% to $85,798 following the announcement. The reserve aims to hold bitcoin as a store of value, with the US government currently possessing around 198,109 bitcoin, 122 million USDT, and 56,035 ethereum.
Billionaire Peter Thiel stated that Silicon Valley leaders felt emboldened to support Donald Trump after Elon Musk endorsed him. Speaking on Bari Weiss's podcast, Thiel noted that the backing from influential figures made it safer for others to express their support. Notable supporters include Marc Andreessen, Ben Horowitz, and several prominent investors.
David Sacks
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