Crypto tsar David Sacks confirms he doesn’t hold any crypto

White House AI and crypto czar David Sacks has confirmed that he does not hold any crypto assets, having sold everything prior to US President Donald Trump’s inauguration.

“I sold all my cryptocurrency (including BTC, ETH, and SOL) prior to the start of the administration,” Sacks said on X on March 2.

His comments came in response to a Financial Times article shared by George Hammond on March 2, reporting that his investment firm, Craft Ventures, retains stakes in a “small number of crypto startups.” 

“Both he [Sacks] and the firm sold their direct cryptocurrency holdings soon after Trump’s inauguration, according to a person with knowledge of the matter,” reported the FT. 

The San Francisco-based venture capital firm was founded by Sacks in 2017 and has launched four funds since then. Its last one was closed in November after raising $712 million.  

According to the official website, Craft Ventures has investments in Bitwise Asset Management, crypto custodian BitGo and social media giants Meta, Reddit and X. Sacks also invested in Solana-focused venture firm Multicoin Capital in 2018.  

In an earlier post, Sacks said that President Trump “is keeping his promise to make the US the Crypto Capital of the World,” following his announcement of a strategic crypto reserve on March 2. 

President Trump will host the first White House Crypto Summit on March 7, bringing together industry leaders and executives to discuss regulations, stablecoins and the proposed US crypto reserve.

Related: Crypto czar David Sacks likens Trump’s memecoin to a ‘baseball card’

Meanwhile, President Trump’s son, Eric Trump, said he loved “the genius” of announcing a strategic reserve on a Sunday, when traditional markets are closed and Wall Street sleeps.

“For the first time, retail investors win,” he exclaimed as crypto markets soared 12% in reaction to the announcement. “Traditional finance better catch up, or it will quickly become extinct,” he added. 

Anthony Pompliano, the founder and CEO of Professional Capital Management, shared the sentiment, saying it was “objectively hilarious” that Trump announced a crypto strategic reserve, yet Wall Street can’t participate “because they have antiquated hours of operations.”

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