The Crypto Industry Hails David Sacks, Its New ‘Czar’

Trump officials did not respond when asked to clarify whether the new position would be internal to the government, or whether Sacks would act as a “special government employee,” allowing him to continue in other private sector roles. Sacks did not respond to a request for comment.

Sacks first made his name as one of the earliest employees at payments technology firm PayPal, which he built alongside Elon Musk, Peter Thiel, Reid Hoffman, and others. Like other members of the so-called “PayPal Mafia,” Sacks went on to set up multiple other business ventures. In 2012, he sold workplace software company Yammer to Microsoft in a deal worth $1.2 billion. Now, he runs his own venture capital firm, Craft Ventures, which has previously invested in companies including AirBnb, Palantir and Slack—as well as crypto firms BitGo and Bitwise.

Sacks also co-hosts the popular “All In” podcast where he’s used the platform to boost Trump. He’s also shared a host of right-wing takes: At the podcast’s summit this September, Sacks questioned the effectiveness of the covid vaccine.

Like Musk, Sacks was a vocal proponent of Trump during the presidential race. In an X post in June, he laid out his very Silicon Valley rationale: “The voters have experienced four years of President Trump and four years of President Biden. In tech, we call this an A/B test,” he wrote. “With respect to economic policy, foreign policy, border policy, and legal fairness, Trump performed better. He is the President who deserves a second term.”

That same month, Sacks hosted an exclusive fundraiser for the Trump campaign, reportedly generating as much as $12 million. Attendees reportedly included vice president-elect JD Vance—who has previously described Sacks as “one of my closest friends in the tech world”—and Cameron and Tyler Winklevoss, cofounders of crypto exchange Gemini.

In the weeks since Trump won back the Oval Office, crypto markets have been on a tear. During the race, the president-elect made a host of crypto-friendly pledges, including to set up a national “bitcoin stockpile.” In Sacks, Trump has picked a czar that the crypto industry believes will deliver on his campaign pledges.

On December 6, the price of bitcoin vaulted beyond $100,000 for the first time. “YOU”RE WELCOME!!! [sic]” Trump posted on Truth Social.