Crypto Czar David Sacks Confirms Selling All Bitcoin, Ethereum, Solana Holdings, Denies 'Large Indirect Holdings'
White House-appointed ‘Crypto Czar’ David Sacks confirmed that he liquidated all his cryptocurrency holdings—including Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Solana (CRYPTO: SOL)—before joining the administration.
What Happened: In an X post on Monday, Sacks cited a Financial Times report detailing his crypto holdings.
The article noted that while his investment firm, Crypto Ventures, still retains stakes in a few crypto startups, he no longer has direct exposure to digital assets.
Addressing speculation from a community note on his post, which suggested he still had a significant indirect position through Bitwise Asset Management, Sacks clarified that he had fully exited his $74,000 position in the Bitwise ETF on Jan. 22.
Peter Schiff weighed in, arguing that Sacks could have profited significantly from Trump's election-driven crypto rally.
He also questioned whether Sacks' associates—including family, friends, and former colleagues—may have held positions and sold into the recent price surge.
On Trump's crypto strategic reserve announcement, Sacks emphasized that the move aligns with Executive Order 14178, reinforcing the administration's commitment to making the U.S. the "Crypto Capital of the World."
He hinted that further developments could be unveiled at the upcoming Crypto Summit on March 7.
Why It Matters: In October 2021, Sacks described himself as a "prolific crypto investor" with over 100 investments but notably dismissed Cardano as a viable platform, stating he had never even received a pitch from a company looking to build on it.
By July 2024, Sacks had publicly backed Trump, asserting that regulatory clarity is the most critical need for the crypto industry.
He argued that a Trump administration would foster clear and favorable regulations, whereas a Harris administration would likely extend SEC crackdowns under Gary Gensler and continue anti-crypto rhetoric from Senator Elizabeth Warren (D-Mass.).
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