The newly elected American President Donald Trump’s appointed AI and Crypto Czar of the White House, David Sacks, has confirmed that he sold all his personal crypto assets before accepting this position.
However, the Community Notes on X questioned his claim and posted a fact-check under his post. Sacks accused them of lying and later promised to provide evidence.
Sacks responded to a tweet from Financial Times correspondent George Hammond. He stated that Sacks had sold all his cryptocurrency after Trump’s inauguration, adding a screenshot from FT as evidence.
The new Crypto Czar confirmed that he had sold his entire crypto portfolio, including Bitcoin (BTC), Ethereum (ETH) and Solana (SOL)—the coins approved by Trump for the Strategic Crypto Reserve. Trump also named Cardano (ADA) and XRP as future reserve assets, on which Sacks did not comment.
On Sunday, March 2, Trump announced the establishment of a strategic cryptocurrency reserve for the US. This led to a sharp price increase for Bitcoin, which rose by 10.34% from $85,450 to $94,290. Bitcoin is currently trading at a price of $93,354. Ethereum rose slightly harder by 14.2%, but then corrected by nearly 7%. XRP, however, shot up by almost 25%, after which it fell by about 13%.
Community Notes, a fact-checking service, claimed that Sacks still owned Bitcoin ETFs through Bitwise. Sacks called this claim a lie and stated that he had sold his Bitcoin ETF shares on January 22. He stated that he does not have significant indirect interests and also promised to provide an update as soon as his ongoing ethical government review is completed.
The update will show whether Sacks actually no longer owns any crypto assets. The Crypto Czar is responsible for policy-making that will have a direct impact on the crypto sector and can indirectly influence the prices of cryptocurrencies. Therefore, the update is crucial for his credibility and transparency.
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