Donald Trump announced that David Sacks, a prominent Silicon Valley investor, will be his advisor on artificial intelligence (AI) and cryptocurrency. This new role will see Sacks shaping administration policy in these two key areas.
Sacks’s Role and Focus
Trump highlighted the importance of AI and crypto for America’s future competitiveness. He stated that Sacks’s main goal will be to make the US the global leader in both fields. This includes protecting free speech online, combating bias and censorship from big tech companies, and creating a clear legal framework for the cryptocurrency industry to flourish in the US.
Sacks’s Background
Sacks brings significant experience to the table. He was the COO of PayPal and has a long history of successful investments in major tech companies like Airbnb, Palantir, and SpaceX, to name a few. He’s also invested heavily in crypto, including a notable $10 million investment in the decentralized exchange dYdX.
Market Reaction
News of Sacks’s appointment caused a significant jump in the price of dYdX’s token, surging over 28% in just two days.
Sacks and Trump
It’s worth noting that Sacks publicly supported Trump and even hosted a major fundraiser for him.
