In a conversation with Anthony Pompliano, Sacks—a former PayPal executive—praised Bitcoin for its inflation-resistant and censorship-proof qualities. He likened Bitcoin’s potential impact on the financial system to the historical separation of church and state, stating:
“The Church and state used to be intrinsically linked. Now, we think about them being separate. I think money and state are kind of like that. We can’t really think of money without the state, but Bitcoin offers this sci-fi future where you could decouple the two.”
A Crypto Advocate in the White House
Sacks’ appointment is being hailed as a significant win for the crypto industry. Social media erupted with praise from industry leaders, who see his influence as pivotal for establishing clear regulatory frameworks. Trump announced the appointment on Dec. 5, emphasizing Sacks’ role in shaping policy around digital assets and artificial intelligence.
A Proven Crypto Enthusiast
Sacks has long been a player in the crypto space. He’s an investor in Solana (SOL) and held onto his position even after the FTX collapse in 2022. Sacks also supports Multicoin Capital, a crypto investment firm, and has been bullish on Solana’s potential to surpass Ethereum (ETH). Speaking on the All In podcast in 2021, he remarked:
“There’s a lot of smart money in Silicon Valley betting on a flipping, where Solana could ultimately overtake Ethereum as the preferred platform.”
Sacks’ pro-crypto stance aligns with Trump’s broader cabinet choices, including Scott Bessent, a hedge fund manager and crypto advocate nominated for Treasury Secretary. Bessent has described cryptocurrency as “a form of freedom” and emphasized its staying power in the global economy.
A Shift in Regulatory Tone?
The appointments of Sacks and Bessent signal a potentially crypto-friendly administration, which many hope will bring much-needed clarity to the industry. With a strong advocate like Sacks at the helm, the crypto community is optimistic about the future of digital assets under Trump’s presidency.
