Deng Tong, Golden Finance; Sources: Golden Finance, Wikipedia, Reuters, Bloomberg, Wall Street News, Investing, CoinTelegraph

1. Overview

Trump will appoint David Sachs O. Sacks) is the White House Director of Cryptocurrency and Artificial Intelligence, responsible for leading U.S. regulatory affairs in the field of cryptocurrency. Sacks is a well-known Silicon Valley investor and a supporter of blockchain technology.

Trump said: "Sacks will work to develop a legal framework that provides the crypto industry with the clarity it has been seeking so that the industry can thrive in the United States." Who is David Sacks? Why take the role of White House Cryptocurrency and Artificial Intelligence Director? What impact will it have on the crypto market?

2. Member of the "PayPal Mafia" - David O. Sacks

David Oliver Sacks (born May 25, 1972), South African-American Entrepreneur, author and Internet technology company investor, is a general partner of Craft Ventures. Additionally, he hosts the All In podcast with Chamath Palihapitiya, Jason Calacanis, and David Friedberg. Previously, Sachs served as COO and head of product at PayPal and founder and CEO of Yammer. In 2016, he served as interim CEO of Zenefits for ten months. In 2017, Sachs co-founded early-stage venture fund Craft Ventures, and in December 2024, President-elect Donald Trump appointed Sachs as the new White House artificial intelligence and encryption czar.

Sachs attended the University of Memphis in Memphis, Tennessee. He received his BA in Economics from Stanford University in 1994 and his JD from the University of Chicago Law School in 1998.

In 1999, Sacks left his job as a management consultant at McKinsey & Company to join Max Levchin, Peter Thiel and Luke Nosek's e-commerce startup Confinity. Later that year, Sachs became the first product lead for Confinity's milestone product and the company's successor, PayPal. After being promoted to Chief Operating Officer of Paypal, he built many of the company's key teams and was responsible for product management and design, sales and marketing, business development, international, customer service, anti-fraud operations and human resources functions. PayPal's initial public offering was in February 2002. It was one of the earliest IPOs after the 9/11 attacks. Shares rose more than 54% on the first day. In October 2002, eBay acquired Pa.yPal.

Sacks was a member of the so-called "PayPal Mafia," a group of PayPal founders and early employees who went on to found a string of other successful tech companies. They are often considered pioneers in the resurgence of Web 2.0 and consumer-focused Internet companies that followed the 2001 dot-com crash.

3. Discerning, enter encryption and AI

At the end of 2017, Sachs co-founded Craft Ventures and raised $350 million in initial funding. According to a Medium post published by the company, Craft Raised $1.1 billion in 2021, bringing its total assets under management to $2 billion. As an angel investor, his investments include Addepar, Affirm, Airbnb, Clutter, Eventbrite, Facebook, Gusto, Houzz, Intercom, Mixpanel, Opendoor, Palantir Technologies, PayPal, Postmates, ResearchGate, Rumble, Scribd, Slack, SpaceX, SurveyMonkey , ThirdLove, Uber, Wish, etc.

The picture below shows the Craft Ventures investment projects statistics from Crypto Fundraising.

In addition, David Sacks is also the largest LP of Multicoin, a well-known VC in the encryption industry. It can be said that David Sacks has interests in all crypto projects invested by Multicoin.

For example, in Solana, Multicoin invested in Solana in the seed round, continued to invest in Solana in the A round, and led a $20 million investment in Solana. After FTX collapsed, Sacks made it clear that SOL was not for sale.

Sachs is also a consultant for the veteran DeFI product 0x (ZRX).

Sacks not only bet on the encryption track, but also turned his attention to AI.

In 2021, Sacks co-founded a workspace chat company called Glue with his former Craft colleague Evan Owen. Their product is an AI tool that can be called from specific chats on platforms like Google Meet and Zoom, giving employees AI assistance in conversations. It will be launched to the public in May 2024.

4. Trump is discerning

On December 6, Trump posted on his social media platform TruthThe affirmation of the saxophone is abundantly expressed in the post on Social.

Trump described Sachs as "an extremely successful entrepreneur" with a keen eye for two "critical" industries.

Trump said in a social media post: "David will guide the development of artificial intelligence and cryptocurrency, two areas that are critical to the future competitiveness of the United States. David will be committed to Make the United States a global leader in both areas. "He will work to create a legal framework so that the crypto industry can get the clarity it demands and can survive in the United States." Trump said Sachs would also help preserve free speech online and steer the country away from "big tech bias and censorship." Sacks has openly supported Trump during the 2024 election and has also backed digital assets.

5. The reaction of the encryption market

As the news continued to ferment, the encryption market sector generally rose, and the AI ​​concept led the rise. The AI ​​sector and sub-sector AI Agent increased by 15.43% and 19.34% respectively. It is worth noting that within the AI ​​Agents sector, Numogram (GNON) rose 51.73%, Fartcoin (FARTCOIN) rose 46.49%, ai16z (AI16Z) rose 39.38%, zerebro (ZEREBRO) rose 37.04%, and Eliza (ELIZA) rose 32.59%. Within the AI ​​sector, Worldcoin (WLD) rose 24.78%, Render (RNDR) rose 23.77%, and Virtuals Protocol (VIRTUAL) rose 23.75%.

Other sectors with higher gains include: DePIN sector rose 7.74%, Livepeer (LPT) within the sector rose 26.8%, Ankr Network (ANKR) rose 16.42%, and Grass (GRASS) rose 13%. The Layer 2 sector rose 4.72%, the DeFi sector rose 4.33%, the Meme sector rose 4.28%, the GameFi sector rose 4.20%, and the Layer 1 sector rose 3.43%.

The crypto projects invested by Craft Ventures have all been positively affected.

For example, DYDX broke through $2 and is now trading at $2.11, with a 24-hour increase of 16.9%.

ZRX rose from a maximum of $0.62 to $0.91, an increase of more than 45%.

6. Conclusion

Golden Finance has previously published many articles mentioning the connection between Trump cabinet members and encryption. Since Trump shouted at the Bitcoin conference in July this yearAfter the slogan of “ensuring that the United States becomes a Bitcoin superpower”, Trump started the United States’ encryption path.

Since then, Trump appointed Musk to lead the Department of Efficiency, and DOGE has skyrocketed; Internet celebrity squirrel Peanut has fueled the election battle between the Republicans and Democrats, and PNUT was once very popular; Trump chose a digital asset advocate, a veteran Financial regulator Paul Atkins serves as chairman of the U.S. Securities and Exchange Commission (SEC), helping BTC break through the $100,000 mark; the finalization of the White House director of cryptocurrency and artificial intelligence clearly expresses Trump’s determination to vigorously develop encryption and AI in the next term. .

One person can lead an era. Since Trump was elected, the encryption market has been advancing rapidly. After breaking through the $100,000 mark, what surprises will the world of AI+Crypto bring us?

For more details, please click on the Golden Finance article:

"Trump's possible cabinet members take stock of who are crypto-friendly"

"Trump Review of the speech at the Bitcoin Conference: Ensuring that the United States becomes a Bitcoin superpower"

Understand 11 questions about what the Department of Efficiency (DOGE) led by Musk can do

From euthanasia to Saving America: The past and present life of Peanut, the internet celebrity squirrel