Ladies and gentlemen, gather ’round for a tale of intrigue, deception, and cryptocurrency. Our protagonist, David Sacks, has been appointed as the AI and Crypto Czar in the Trump administration, but his new role has been met with a healthy dose of skepticism.
You see, dear reader, Sacks recently tweeted that he had sold all his cryptocurrency holdings before joining the administration. But hold on to your hats, because things are about to get interesting.
This community note is a lie. I had a $74k position in the Bitwise ETF which I sold on January 22. I do not have “large indirect holdings.” I’ll provide an update at the end of the ethics process.
— David Sacks (@DavidSacks) March 3, 2025
Enter the X community, who promptly slapped a Community Note on Sacks’s tweet, claiming he still had “large indirect holdings” through Bitwise Asset Management. Now, Bitwise is known for running crypto-focused funds and ETFs, so people started wondering if Sacks still had financial ties to the crypto industry.
Sacks, being the savvy social media user that he is, quickly replied to the community note, denying any indirect holdings. He stated, “This community note is a lie. I had a $74k position in the Bitwise ETF which I sold on January 22. I do not have “large indirect holdings.” I’ll provide an update at the end of the ethics process.”
But wait, there’s more! While Sacks has personally divested from cryptocurrency, questions remain about his firm, Craft Ventures, which continues to hold investments in crypto-related businesses, including Bitwise, BitGo, and Multicoin Capital. The latter is particularly notable for its substantial involvement with Solana, a blockchain network competing with Ethereum.
So, is Sacks really out of the crypto game? Some critics say that even though he sold off his personal crypto, his company, Craft Ventures, still has money in crypto businesses—so he’s not completely out of the game.
With more people questioning his role, Sacks has promised to clear things up once the ethics review wraps up. Until then, the conversation about how separate he really is from the crypto world isn’t going away. Stay tuned for more twists and turns in this thrilling saga!
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2025-03-03 16:37