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Trump's Crypto Czar Sacks Is Super Bullish For Solana: Here's Why
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Trump’s Crypto Czar David Sacks Is Super Bullish For Solana: Here’s Why

Jake Simmons
Jake Simmons
6 months ago
3 mins read
Solana news David Sacks

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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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Notably, a spot Solana ETF is just around the corner in the US with 5 applications already filed with the US Securities and Exchange Commission. With the appointment of Sacks, the likelihood of a spot SOL ETF following the departure of Gary Gensler as SEC Chairman on January 20 is likely to have increased further.

Solana’s strong fundamentals and growing institutional recognition are being reflected in its price action. At press time, Solana is trading just below a new all-time high established two days ago at $264.39, having surpassed its previous record from October 2021 at $259.90.

Should SOL breach this newly formed resistance level, technical analysts point to potential upside targets. These include the 1.272 Fibonacci extension at around $328 and the 1.618 Fibonacci extension at approximately $415.

At press time, SOL traded at $234.

Solana SOL price
SOL price, 1-week chart | Source: SOLUSDT on TradingView.com
Featured image from YouTube, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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