According to Bloomberg, the White House will host its first cryptocurrency summit on March 7. Trump will chair the inaugural White House crypto summit and deliver a speech. Attendees will include prominent founders, CEOs, and investors from the crypto industry, as well as members of the presidential digital assets working group. The summit will be chaired by White House AI and crypto czar David Sacks.
David Oliver Sacks is a South African-American entrepreneur, writer, and tech investor, known as the 'crypto czar' for his influence in the fields of cryptocurrency and artificial intelligence.
Early Experience
David Sacks was born in 1972 in a Jewish family in Cape Town, South Africa, and moved to Tennessee, USA, with his family at the age of five. He obtained a Bachelor's degree in Economics from Stanford University in 1994 and a Juris Doctor degree from the University of Chicago Law School in 1998.
Career
1. PayPal Era: In 1999, Sacks joined Confinity, the predecessor of PayPal, becoming the first product head of PayPal and was promoted to Chief Operating Officer (COO) in 2001. He built PayPal's core team and drove the company from zero to a $1.5 billion acquisition by eBay.
2. Yammer and Zenefits: In 2008, Sacks founded the workplace social networking company Yammer, which was acquired by Microsoft for $1.2 billion in 2012. In 2016, he briefly served as the interim CEO of the HR software company Zenefits.
3. Venture Capital: In 2017, Sacks founded the venture capital firm Craft Ventures, focusing on early-stage tech investments. His portfolio includes well-known companies such as Facebook, Uber, SpaceX, Palantir Technologies, and Airbnb. Additionally, Craft Ventures has invested in various cryptocurrency projects, such as dYdX, Lightning Labs, River Financial, and Solana.
Influence in the Cryptocurrency Field
Sacks is a staunch supporter of cryptocurrency, particularly bullish on Solana, having stated clearly after the FTX incident that he did not sell Solana and believes it has the potential to surpass Ethereum. He has also invested in several crypto projects through Craft Ventures, promoting the development of crypto technology.
Political and Social Influence
Sacks is a supporter of Trump, having raised funds for his campaign and being appointed as the director of White House AI and cryptocurrency. He also has a close relationship with Musk and is one of the investors in his acquisition of Twitter.
Other Fields
Sacks has also ventured into Hollywood, producing the satirical film 'Thank You for Smoking' in 2005. Additionally, he co-hosts the tech podcast 'All-In Podcast' with Chamath Palihapitiya, Jason Calacanis, and David Friedberg, discussing economic, political, and social issues.