Donald Trump has announced the appointment of former PayPal chief operating officer David Sacks as “White House AI and Crypto Czar.”
In a post on his social media platform Truth Social, Trump stated that Sacks will “guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness. David will focus on making America the clear global leader in both areas.”
Trump continued by emphasizing that Sacks will work to safeguard free speech online and help navigate away from Big Tech bias and censorship. He will also develop a legal framework that provides the clarity the cryptocurrency industry has been seeking, enabling it to thrive in the US.
Sacks is part of the “PayPal Mafia,” along with other Trump supporters like Peter Thiel and Elon Musk. He is a co-founder of the venture capital firm Craft Ventures and is known for his support of cryptocurrency. Despite having criticized Trump after the events of January 6, 2021, he has since become one of the president-elect’s strongest supporters in Silicon Valley.
Recently, Bitcoin surpassed the $100,000 mark for the first time, as retail and institutional investors anticipate a more favorable regulatory environment for cryptocurrency under Trump’s administration. Since election day, Bitcoin’s price has increased by around 45%, with other cryptocurrencies experiencing similar gains.
In addition to Sacks, Trump has recently appointed other fintech executives to his team, including Jared Isaacman, chief of Shift4, as the next head of NASA and Frank Bisignano, CEO of Fiserv, to run Social Security.