Why Trump’s Crypto Czar David Sacks sold his Bitcoin assets before taking office

David Sacks, appointed by US President Donald Trump because the White House AI and Crypto Czar, has confirmed that he sold all his private cryptocurrency holdings, together with Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), before assuming his position within the administration.
Sharing a put up on X, Sacks said, “I sold all my cryptocurrencies (including BTC, ETH, and SOL) before the administration began.”

Why David Sacks sold all his digital assets
As per a number of reviews, his choice was reportedly geared toward avoiding any conflicts of curiosity by guaranteeing he holds no private crypto investments whereas serving in authorities.
Despite his public assertion, some customers on X speculated that Sacks should maintain cryptocurrency not directly via Bitcoin exchange-traded funds (ETFs) on Bitwise.
Addressing these claims, Sacks firmly denied them, stating, “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.”

Earlier on Sunday, Trump has introduced the digital assets set to be included within the US crypto strategic reserve, triggering a surge in worth for a lot of beforehand struggling cryptocurrencies.
The chosen cryptocurrencies comprise Bitcoin, Ether, XRP, Solana and ADA. In January, Trump issued an govt order to evaluate establishing and sustaining a nationwide digital asset repository. Trump redefined what he initially termed a “stockpile” as a “Crypto Strategic Reserve.”
“My Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA. I will make sure the U.S. is the Crypto Capital of the World. And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum!,” Trump wrote on Truth Social.
All 5 digital currencies skilled vital good points on Sunday, rising between 8% and 20% by 2 pm ET. Bitcoin, the dominant cryptocurrency by market capitalisation, which had been buying and selling close to $86,000 per coin, down from its earlier peak of roughly $106,000 earlier this yr, surged to almost $93,000 following Trump’s assertion.