Solana (SOL) could be one of the biggest winners from the nomination of David O. Sacks as White House Director of Artificial Intelligence and Cryptocurrency. President-elect Donald J. Trump has appointed David Sacks as “Crypto Czar” on Thursday.
Trump stated that Sacks will work to develop a legal framework to provide the crypto industry with the clarity it has been seeking, allowing the industry to flourish in the United States. Sacks brings a high-profile background to the role: he was Chief Operating Officer of PayPal during its formative years and serves as an advisor to the 0x protocol.
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Known for his long standing support of Bitcoin as a decentralized hedge against traditional finance and a proponent of decentralized finance (DeFi) for increasing transparency in the financial system, Sacks has also invested in multiple cryptocurrency projects through his venture capital firm, Craft Ventures.
Why Sacks Is Super Bullish For Solana
Among his most notable exposures is his early investment in the Solana blockchain, achieved through the crypto-focused investment firm Multicoin Capital. In 2023, Sacks confirmed that he maintained his Solana (SOL) position despite the FTX-related market turbulence and remained “up big.”
Craft Ventures’ early involvement with Solana, via Multicoin Capital, reportedly generated substantial returns. According to Sacks’ own account on a podcast (when SOL stood at $169), this investment soared to a valuation around $1 billion.
“That fund, I mean, it’s like a 100x fund, it’s just like bonkers. And so as a result of that, we are indirect beneficiaries of this huge increase in Solana. It will end up being about, you know, a billion dollars of, I think, Solana for us in terms of returns, but the MultiCoin guys determine the trading decisions on that,” Sacks revealed during a podcast.
Sacks has discussed Solana in detail on the All-In Podcast with Chamath Palihapitiya, the founder and CEO of Social Capital. Their conversations have highlighted Solana’s capability to support rapid, cost-effective transactions at scale, often comparing its architecture and throughput favorably against that of Ethereum.
“There’s a lot of people, I’d say smart money in Silicon Valley, who are betting on a flippening where Solana could ultimately overtake Ethereum as the preferred platform,” Sacks remarked.
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