Crypto Czar David Sacks Ditches $200M to Keep His Job—Is He a Genius or Just Paranoid?

by

Story Highlights

  • David Sacks sells $200M in crypto holdings to prevent conflicts of interest.
  • Craft Ventures retains ownership in Lightning Labs and BitGo.

So, David Sacks, the newly minted White House A.I. & Crypto Czar (yes, that’s a real title, folks), has decided to sell off a whopping $200 million in cryptocurrency. Why, you ask? To avoid any potential conflicts of interest. Because nothing says “I’m not biased” like dumping your crypto stash faster than you can say “blockchain.” 💸

In a move that’s either incredibly savvy or just plain paranoid, Sacks has waved goodbye to his Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) investments, along with the Bitwise 10 Crypto Index Fund (BITW). He even ditched stocks in major players like Coinbase and Robinhood. Talk about a crypto spring cleaning! 🧹

But wait, there’s more! Sacks has also pulled his funds from Multicoin Capital, Blockchain Capital, and Bitwise Asset Management. However, he’s still holding onto some investments under Craft Ventures. Because, you know, who doesn’t love a little bit of crypto drama? 🎭

Now, let’s not forget that Sacks was appointed by none other than Donald Trump, who clearly had a vision for reforming the American tech and crypto industries. Before this whirlwind of a career change, Sacks was the Chief Operating Officer for PayPal. So, he’s not just some random guy off the street—he’s got credentials! 🏆

Sacks Cuts Ties with Crypto Firms to Avoid Bias

In a race against time, Sacks wrapped up most of his sales before Trump took the presidential oath on January 20. The crypto market was practically on fire as he sold off all investments from the BITW fund, which included Bitcoin, Ethereum, XRP, Cardano (ADA), and Solana on January 22. Meanwhile, the newly formed U.S. Strategic Bitcoin Reserve (SBR) is just waiting to be filled with all the shiny Bitcoin he’s left behind. 🪙

To ensure he doesn’t get any side-eye from the public, Sacks has cut ties with crypto-focused firms like Blockchain Capital and Multicoin Capital. Craft Ventures, however, is still in the game with stakes in Lightning Labs and a few other funds. A White House memo assures us that his current holdings are as conflict-free as a vegan buffet. 🥗

And here’s the kicker: Sacks made his final cryptocurrency sale right after Senator Elizabeth Warren decided to poke around and ask the public about his financial ties to the crypto world. Because nothing screams “I’m innocent” like a sudden liquidation of assets right when the heat is on! 🔥

 

Read More

2025-03-15 23:27