Trump Names David Sacks 'AI & Crypto Czar' as Bitcoin Tops $100k

Trump Assigns Venture Capitalist David Sacks to Head AI and Crypto Regulation

Following his election win, President Donald Trump has chosen venture capitalist David Sacks as the 'White House AI and Crypto Czar'. It's a move seen as defining a marked shift in America's perspective on emergent technologies.

Sacks, co-founder of Craft Ventures LLC, is tasked with managing AI and Crypto policy undertakings that are essential to America's competitive future, according to an announcement published on Trump's Truth Social platform. He will also head the Presidential Council of Advisors for Science and Technology.

Trump expressed confidence in Sacks in his post, "David O. Sacks will safeguard free speech online, keep us free from Big Tech bias and censorship, and establish a legal framework that gives the crypto industry the clarity to flourish in the U.S."

From Skeptic to Crypto Supporter: Trump's Policy Shift

The appointment of Sacks mirrors a significant change in Trump's stance towards digital assets, contradicting his past suspicion of Bitcoin, once labeling it as "highly volatile and based on thin air". His reelection campaign has adopted crypto-amicable strategies, assuring to give the industry clearer regulations.

David Sacks, a prominent Silicon Valley figure, has played a vital role in connecting tech magnates and the Trump campaign. He also shares a close working relationship with Vice President-elect JD Vance, previously a venture capitalist and later Ohio senator.

The newly created technology czar role is anticipated to institute direct interaction channels between the White House and federal regulators, primarily the Securities and Exchange Commission and the Commodity Futures Trading Commission, principally to expedite the development of regulatory guidelines for digital assets.

Bitcoin Breaks $100k as Regulatory Changes Bode Well for Crypto Market

Arising during a transformative time in regulatory reform, Bitcoin reached a staggering landmark, crossing the long-anticipated $100,000 mark on December 5th, 2024. The cryptocurrency's price has soared by 126% since the start of the year, despite several downturns, managing to achieve the critical milestone just as President Trump prepares for his term.

The digital currency's upsurge gained momentum after Trump's election victory, bolstered by Bitcoin-focused exchange-traded funds (ETFs). Wall Street giants like BlackRock Inc., Fidelity, and crypto-specialized Grayscale Investments back these funds. Their total managed assets have now increased to $100 billion, roughly equating to 5% of the circulating Bitcoin.