David Sacks, the crypto tsar, affirms that he has no cryptocurrency.

David Sacks, the White House's AI and cryptocurrency czar, has stated that he has liquidated all of his cryptocurrency holdings before US President Donald Trump took office.

On March 2, Sacks said on X, "I sold all of my cryptocurrency (including BTC, ETH, and SOL) before the administration started."

He responded to a March 2 Financial Times piece that George Hammond sent, which stated that his investment company, Craft Ventures, still owns shares in a "small number of crypto startups."

"A person with knowledge of the matter stated that shortly after Trump's inauguration, both he [Sacks] and the firm sold their direct cryptocurrency holdings," the FT wrote.

Sacks established the San Francisco-based venture capital firm in 2017, and it has since launched four funds. After financing $712 million, the most recent one was concluded in November.

The official website states that Bitwise Asset Management, cryptocurrency custodian BitGo, and social media behemoths Meta, Reddit, and X are among Craft Ventures' investments. In 2018, Sacks also made an investment in Multicoin Capital, a venture capital firm based in Solana.

Donald Trump and Venture Capital

After President Trump announced a strategic crypto reserve on March 2, Sacks said in a previous post that he “is keeping his promise to make the US the Crypto Capital of the World”.

On March 7, President Trump will hold the inaugural White House Crypto Summit, which will bring together executives and leaders from the industry to talk about stablecoins, legislation, and the proposed US crypto reserve.

Eric Trump, the son of President Trump, stated that he admired "the genius" of declaring a strategic reserve on a Sunday, when Wall Street is asleep and traditional markets are closed.

He declared, "For the first time, retail investors win," as the announcement caused cryptocurrency markets to jump 12%. "Traditional finance needs to catch up or it will go extinct very soon," he continued.

The founder and CEO of Professional Capital Management, Anthony Pompliano, agreed, stating that Trump's announcement of a crypto strategic reserve was "objectively amusing," but Wall Street is unable to take part "because they have outmoded hours of operations."

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