Author: KarenZ, Foresight News

On the morning of December 6, Beijing time, US President-elect Trump Trump announced that he will appoint David O. Sacks as the White House Director of Artificial Intelligence and Cryptocurrency. Now, let us uncover the glorious resume of “Crypto Czar” David O. Sacks and learn more about his story with Crypto.

Trump said, “In this position, David O. Sacks will be responsible for guiding the development of artificial intelligence and cryptocurrency fields. , these two areas are crucial to improving the future competitiveness of the United States

David. He will work to ensure that the United States becomes the undisputed global leader in both areas. He will defend free speech online and lead us away from big tech bias and censorship. He will also work to build a legal framework for encryption. In addition, David will lead the President's Advisory Council on Science and Technology, providing the clarity it has been seeking to thrive in the United States. Trump further introduced the glorious resume of David O. Sacks: Over the past 25 years, David A wildly successful entrepreneur and investor, O. Sacks founded and invested in some of the most iconic companies in Silicon Valley.

He was the chief operating officer (COO) of PayPal during its founding period, and was also a member of the legendary "PayPal Mafia" (a group of people who would later develop or establish other technology companies) former PayPal employee). David O. Sacks then founded enterprise software company Yammer, which was later acquired by Microsoft for $1.2 billion.

He then founded the venture capital firm Craft Ventures in San Francisco. David O. Sacks is also the co-host of the All-In Podcast, a top podcast in the technology field, where he often discusses economic, political and social issues. David has the deep knowledge, rich business experience, and outstanding skills to lead the United States to glory in these two key technology areas.Excellent wisdom and pragmatic attitude. ”

In addition, 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 served as an executive with Musk in the early days of PayPal and was also one of the investors in Twitter. Musk and David O. Sacks also hosted a billionaire dinner with the theme "Anti-Biden" in April this year.

Early interviews with David O. Sacks demonstrate his deep insight and strong belief in the cryptocurrency industry.

In 2017, David O. Sacks said in an interview with CNBC that as an early participant in PayPal, after using PayPal, he never thought that he would Interested in payments again. But Bitcoin is fulfilling PayPal’s original vision of creating a “new world currency.” Cryptocurrencies like Bitcoin are now realizing this original vision. They do it in a decentralized way (using a decentralized database called a blockchain), while PayPal tries to do it in a centralized way.

At the time, David O. Sacks pointed out, "It feels like we are witnessing the birth of a new type of network. Some people call it a decentralized network or currency. Internet. "Bitcoin enforces its scarcity through a combination of cryptography and economic incentives (cryptoeconomics).

David O. Sacks responded to "How will ICO and future SEC regulation be coordinated?" When asked about the issue, he expressed the hope that the SEC can distinguish between "protocol coins" (which have practical uses in the software ecosystem and should not be regarded as securities) and "asset coins" (which are securities). Most ICO activity is 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 believes that asset coins (traditional asset tokens) will soon appear.

In response to "Do digital assets and tokenization pose a long-term threat to traditional venture capital?" David O. Sacks told CNBC that this will definitely pose a challenge to venture capital who want to invest before ICO. Companies must compete with angel investors to provide real added value. Additionally, LP interests may be tokenized like most other illiquid assets.

David O. Sacks also pointed out the three major challenges facing cryptocurrency at the time, namely scalability, slideware (only white paper, PPT stage) and supervision. and lists some of the most promising use cases to date, including store of value, payments, crowdfunding, file storage, identity management and authentication, prediction markets, custody, ownership chain, notarization chain, provenance and supply chain.

Back in 2018, David O. Sacks joined the advisory board of the decentralized exchange protocol 0x core team. At the time, 0x also partnered with digital securities platform Harbor, which was also part of Craft Ventures’ portfolio and helped incubate Harbor.

Harbor provides a digital securities platform powered by blockchain technology for compliant 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 solves the compliance issue of asset tokenization and provides blockchain with huge opportunities to bring more liquidity and transparency to private securities.

Talking about Craft Ventures, this is a venture capital company co-founded by David O. Sacks. It mainly invests in the B2B software investment field and has successfully raised multiple funds. . Craft Ventures raises $350 million for first fund. In October 2019, Craft Ventures completed the financing of its second fund with $500 million in committed capital. In November 2023, Craft Ventures raised $1.3 billion through Craft Ventures IV and Craft Ventures Growth II funds.

It is worth emphasizing that David O. Sacks also led the research on Airbnb, Meta, Reddit, Investments in Slack,

In addition, Craft Ventures also led the seed round financing of the DeFi protocol Set Protocol in 2018 (Set Protocol announced in April 2023 that it would cease development. The team will give up multi-signature owner rights), invested in the blockchain-based decentralized map network Hivemapper with Multicoin in April 2022, and participated in the investment in Web3 in February 2023 Friendly Entertainment Superplastic.

Also in 2018, David O. Sacks announced an investment in crypto venture firm Multicoin on behalf of Craft Ventures. Multicoin was one of Solana’s early investors, leading a $20 million funding round for Solana in July 2019.

David O. Sack is also a staunch Solana owner. When the time came to December 2023, David O. Sacks clarified that Solana had not been sold after the FTX incident, and bluntly stated, “One of the stupidest attacks against me this year is that I sold the Solana (SOL) token. coins to retail investors. If that were true, they should have made a lot of money by now. Congratulations to everyone who holds SOL.”

Going back to two years ago, David O. Sacks also delved into Solana's prospects on his All-In Podcast. He mentioned that many elites in Silicon Valley have high hopes for Solana and believe that it may eventually surpass Ethereum. Even if this vision is not fully realized, Solana is fully capable of ranking third in Crypto.