David Sachs, who was named the “White House AI and Cryptocurrency Czar” this week by US President-elect Donald Trump, does not have much experience investing in AI and cryptocurrency projects. At the same time, you have another important quality for this position – a favorable attitude towards advanced technologies.
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According to Bloomberg, the future “king of cryptocurrencies” is not considered a key player in the field of cryptocurrency investments, although his projects include the BitGo and Bitwise cryptocurrencies.
Additionally, David Sachs has invested relatively little in AI startups. Among the exceptions is support for Elon Musk’s xAI. From 1999 to 2002, Sachs served as chief operating officer of payments company PayPal, co-founded by Musk.
The agency notes that Sachs’s main qualities are his friendly attitude towards new technologies and “a long history of skepticism regarding government regulation.”
Industry representatives hope that under David Sachs, the field of artificial intelligence and cryptocurrencies will face soft and transparent regulation from the White House.
“Cryptocurrency and AI are two of America’s most pressing strategic priorities right now, and David Sachs is one of the few people in the world who is uniquely qualified to lead this key role,” said Kyle, managing partner at Multicoin Capital (where Sachs is an investor).
This week, Donald Trump announced that he would name Craft Ventures founder David Sachs as the “AI and cryptocurrency czar in the White House.” The president-elect of the United States did not specify whether “czar” is an official position.
“He will work within the legal framework so that the crypto industry gets the transparency it has been asking for and can thrive in the United States,” Trump wrote in his Social Truth.
The CEO of OpenAI reacted positively to the news of Sachs’ appointment and congratulated the “king” on his X account.
In July 2024, Trump promised to make the United States “the crypto capital of the world and a Bitcoin superpower” if elected. The politician criticized the policy of the current administration in the field of cryptocurrencies, calling it “repressive.”
Photo: Vladimir Sukhachev / Shutterstock
Author:
Akhmed Sadulayev
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
