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Author: KarenZ, Foresight News
On the early morning of December 6, Beijing time, U.S. President-elect Trump announced that he would appoint David O. Sacks as the White House director of artificial intelligence and cryptocurrency.Now let’s uncover the brilliant resume of “Crypto Tsar” David O. Sacks and learn more about his story with Crypto.
David O. Sacks’ brilliant resume
“In this position, David O. Sacks will be responsible for guiding the administration to develop policies in the fields of artificial intelligence and cryptocurrency, both areas that are crucial to the future competitiveness of the United States.
David will work to ensure that the United States is an undisputed global leader in both areas.He will defend online freedom of speech and lead us away from the bias and censorship of big tech companies.He will also work to build a legal framework that provides the cryptocurrency industry with the clarity it has been seeking to thrive in the United States.In addition, David will lead the President’s Science and Technology Advisory Committee.”
Trump further introduces David O. Sacks’ glamorous resume: David O. Sacks, an extremely successful entrepreneur and investor, has created and invested in some of the most iconic companies in Silicon Valley over the past 25 years.
He was the chief operating officer (COO) of PayPal during the founding period and was part of the legendary group PayPal Mafia (a group of former PayPal employees who will develop or set up other technology companies later).David O. Sacks then founded the enterprise software company Yammer, which was later acquired by Microsoft for $1.2 billion.
He has since founded Craft Ventures, a venture capital firm in San Francisco.David O. Sacks is also co-host of the top tech podcast All-In Podcast, where he regularly explores economic, political and social issues.David has the deep knowledge, rich business experience, outstanding wisdom and a pragmatic attitude to lead the United States to glory in these two key technology fields.”
Additionally, according to Bloomberg, David O. Sacks played a key role in supporting Trump’s fundraising from technology industry donors.He also has a close relationship with Vice President-elect JD Vance.
It is worth mentioning that David O. Sacks worked as an executive with Musk in the early days of PayPal and was also one of the Twitter investors.Musk and David O. Sacks also held a billionaire dinner together in April this year with the theme of “Opposing Biden”.
Early showing firm belief in Crypto
David O. Sacks’ early interviews show his profound insight and firm belief in the cryptocurrency industry.
In 2017, David O. Sacks said in an interview with CNBC that, as an early participant in PayPal, he never thought he would become interested in payment again after using PayPal.But Bitcoin is realizing PayPal’s initial vision of creating a “new world currency”.Cryptocurrencies like Bitcoin are now realizing this initial vision.They do it in a decentralized way (using a decentralized database called blockchain), while PayPal tries to do it in a centralized way.
At that time, David O. Sacks pointed out that “It feels like we are witnessing the birth of a new type of network. Some people call it a decentralized network or a monetary Internet.” Bitcoin is through cryptography and economic incentives (crypto-economics)Combined to enhance its scarcity.
In response to the question of “how ICOs and future SEC regulation will be coordinated”, David O. Sacks said he hopes that the SEC can distinguish between “protocol coins” (which have practical uses in the software ecosystem and should not be considered securities) and “assets.”Coin” (belongs to securities).Most ICO activities are conducted through protocol coins.Better projects have worked hard to build their tokens, so they are not securities.However, David O. Sack also said that he believed that the emergence of asset coins (traditional asset tokens) will be seen soon.
Regarding “Does digital assets and tokenization pose a long-term threat to traditional venture capital?” David O. Sacks told CNBC that this will certainly pose a challenge to venture capital, and venture capital firms who want to invest before ICO must go with AngelsOnly by competing by investors can we provide real value-added.Additionally, LP equity may be tokenized like most other non-current assets.
David O. Sacks also pointed out the three major challenges facing cryptocurrencies at the time, namely scalability, slideware (only the white paper, PPT stage) and regulation.And lists some of the most promising use cases to date, including store of value, payments, crowdfunding, file storage, identity management and authentication, forecasting markets, hosting, ownership chains, notarization chains, provenance and supply chains.
What is David O. Sacks’ connection with Crypto?
As early as 2018, David O. Sacks joined the advisory board of the core team of the Decentralized Transaction Agreement 0x.At the time, 0x also established a partnership with digital securities platform Harbor, which was also one of Craft Ventures’ portfolios that helped incubate Harbor.
Harbor provides a digital securities platform powered by blockchain technology for compliance fundraising, investor management and liquidity.Later, in February 2020, Harbor was acquired by digital asset custodian BitGo.David O. Sacks once said in an interview with CNBC that Harbor solved the compliance issue of asset tokenization, giving blockchain a huge opportunity to bring more liquidity and transparency to private securities.
Speaking of Craft Ventures, a venture capital firm jointly established by David O. Sacks, which mainly invests in the field of B2B software investment and has successfully raised multiple funds.Craft Ventures’ first fund raised $350 million.In October 2019, Craft Ventures completed its second fund fund raising with a commitment of $500 million.In November 2023, Craft Ventures raised $1.3 billion through the Craft Ventures IV and Craft Ventures Growth II funds.
It is worth highlighting that David O. Sacks also led investments in Airbnb, Meta, Reddit, Slack, X, Uber and xAI, and in Crypto, David O. Sacks led the crypto asset management company Bitwise, Digital at Craft Ventures.Investments from securities platform Harbor.
In addition, Craft Ventures also led the seed round of DeFi agreement Set Protocol in 2018 (Set Protocol announced in April 2023 that it would stop development and the team will waive the rights to sign multiple owners) and went to Multicoin in April 2022.We have invested in Hivemapper, a decentralized map network based on blockchain, and participated in the Web3 friendly entertainment company Superplastic in February 2023.
Also in 2018, David O. Sacks announced an investment in crypto venture capital firm Multicoin on behalf of Craft Ventures.Multicoin is one of Solana’s early-stage investors, leading a $20 million financing for Solana in July 2019.
David O. Sack is also a staunch holder of Solana.In December 2023, David O. Sacks clarified that Solana was not sold after the FTX incident and said bluntly, “One of the stupidest attacks against me this year is that I sold out the Solana (SOL) generation.Coins are given to retail investors. If that is true, they should have made a lot of money now. Congratulations to all those who hold SOLs.”
Going back two years ago, David O. Sacks also delved into Solana’s prospects in his podcast All-In Podcast.He mentioned that many Silicon Valley elites have high hopes for Solana, believing that it may eventually surpass Ethereum.Even if this vision is not fully realized, Solana is fully capable of making it to Crypto third.
