After Bitcoin reached the $100,000 milestone, Donald Trump made another big appointment, this time in the AI and Tech sector. He named David Sacks, a tech heavyweight and former COO of PayPal, as his artificial intelligence (AI) and cryptocurrency czar in the White House. This announcement comes just a day after Trump selected Paul Atkins, a well-known cryptocurrency advocate, to chair the SEC.
This is a big change for the crypto industry, which has suffered massive losses due to the SEC’s overreach and unfair regulations. These regulations not only made trading difficult for US citizens, but also kept major companies from entering the crypto space for a very long time. After the election, many new companies are focusing on Bitcoin from a variety of industries such as AI, healthcare, automotive, and technology.
Meanwhile, Bitcoin hit an all-time high of $103,679 on December 5, 2024, showing its massive growth since its all-time low of $67.81 on July 6, 2013. Although it is down 6.11% from its peak, the staggering 143,450% increase from the low underlines the long-term growth trajectory and resilience of the market. Currently, Bitcoin is trading at $97,341.
Why David Sacks?
Trump’s choice of Sacks is no surprise. Sacks is a highly respected entrepreneur with an excellent track record in the tech world. He has invested in major companies such as Facebook, SpaceX, Airbnb and Palantir through his venture fund Craft Ventures. He also co-founded Yammer, a software company that Microsoft acquired for more than $1 billion.
In his new role, Sacks will be responsible for guiding U.S. policy in two critical areas: artificial intelligence and cryptocurrency. Trump emphasized the importance of Sacks’ role, saying he would work to make America a world leader in these areas while ensuring that free speech is protected from what he called “Big Tech bias and censorship.” mentioned.
Clear Crypto Rules on the Way
One of Sacks’ key tasks will be to develop a clear legal framework for the cryptocurrency industry. This clarity has long been a demand of crypto companies grappling with regulatory uncertainty. Trump said Sacks’ work will help the U.S. crypto market thrive. In addition, Sacks will also chair the Presidential Council of Advisors for Science and Technology, where he will drive innovation in AI and other advanced technologies.
Industry cheers for pockets
The technology and crypto community is excited about this move. Chris Pavlovski, CEO of Rumble, called it was a victory for free speech and praised Sacks’ expertise. Dennis Porter, a cryptocurrency advocate, said Sacks’ sector knowledge and bold approach make him the perfect candidate for this role.
Ripple CEO Brad Garlinghouse Congratulations David Sacks on his appointment as White House AI and Crypto Czar, touting his deep knowledge of technology and his alignment with pro-innovation policies for crypto and AI under President Trump. Garlinghouse called this a “dream team,” reflecting high optimism for Sacks’ role in advancing tech innovation in the US.
The appointment signals Trump’s focus on positioning the US as a technology superpower, balancing innovation with regulatory clarity and safeguards for freedom of expression.
Credit : coinpedia.org
