David Sacks, Trump’s New Crypto Czar, Bullish on Solana and Backer of Multicoin Capital
David Sacks, appointed as the United States “Crypto Czar” by President-elect Donald Trump, has garnered attention for his significant investment in Solana (SOL) and his backing of the crypto venture firm Multicoin Capital. The former PayPal executive and current All-In Podcast co-host has been an outspoken advocate for Solana, referring to it as a potential Ethereum competitor with impressive growth prospects.
Sacks: A Strong Advocate for Solana
Sacks, who officially took on his role as White House A.I. & Crypto Czar on December 5, is a well-known figure in the crypto space. His involvement with Solana dates back to October 2021, when he disclosed owning substantial amounts of SOL, which he acquired at a discount. At the time, Sacks described Solana’s growth as the “biggest turnaround” in the crypto market, even after the collapse of FTX in late 2022, which had strong exposure to Solana.
In a December 2023 podcast episode, Sacks addressed rumors that he had sold his SOL holdings post-FTX, refuting claims that he had offloaded his assets to retail investors. “Those of us who are still holding bags of Solana are very happy campers right now,” he remarked, highlighting the 92% annual returns SOL had posted.
Bold Predictions: Solana as Ethereum’s Rival
Sacks has made bold predictions about Solana’s future, especially in its rivalry with Ethereum. During the 50th episode of the All-In Podcast in 2021, he discussed the possibility of Solana surpassing Ethereum as the leading smart contract platform. Sacks pointed out that “smart money” in Silicon Valley was betting on Solana’s potential to “flip” Ethereum.
While Solana has yet to overtake Ethereum, it remains a prominent player in the market. As of December 2024, Solana is the fifth-largest cryptocurrency by market capitalization, valued at approximately $111 billion, behind Bitcoin (BTC), Ether (ETH), Tether (USDT), and XRP, according to CoinGecko.
Sacks’ Investment in Multicoin Capital
In addition to his support for Solana, Sacks is a significant investor in Multicoin Capital, a crypto-focused venture firm known for its heavy focus on Solana. Sacks joined Multicoin’s investment round in 2018, alongside other prominent investors like venture capitalist Marc Andreessen.
Sacks has spoken highly of Multicoin’s approach, noting their deep expertise in evaluating emerging blockchain technologies. “They are not just traders but technologists who understand how to navigate a rapidly evolving space,” Sacks remarked, recognizing the firm’s strategic insight into the crypto sector.
Sacks’ Crypto Influence and Industry Impact
As the newly appointed U.S. Crypto Czar, Sacks is poised to play a key role in shaping the country’s approach to digital assets, with a particular focus on regulatory clarity for cryptocurrencies like Solana. His deep involvement in both the tech and crypto sectors, along with his strong belief in Solana’s future, positions him as a powerful figure in the crypto space.
With his expertise, investments, and advocacy for innovative blockchain technologies, Sacks is set to be a significant influencer in the evolving crypto landscape. His endorsement of Solana and Multicoin Capital highlights his confidence in the blockchain’s potential to reshape the future of digital finance.
