US President Donald Trump made the long-awaited move into cryptocurrencies. Trump announced that the US Strategic Reserve will include Bitcoin (BTC), Ethereum (ETH), XRP, Cradano (ADA) and Solana (SOL).
Trump's statement brought an increase to the entire cryptocurrency market, including Bitcoin and related altcoins.
As the market turns green again after a long period, White House artificial intelligence and cryptocurrency advisor David Sacks announced that he sold all his cryptocurrencies before Donald Trump took office and that he does not own any cryptocurrencies.
Sacks confirmed that he sold all of his crypto investments, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), before taking office.
“True. I sold all my cryptocurrencies (including BTC, ETH and SOL) before starting.”
David Sacks’ statement comes after concerns arose over potential conflicts of interest, particularly regarding his ties to Bitwise, a company that offers crypto-focused ETFs.
Because the firm he founded, Craft Ventures, has shares in many crypto ETFs, including Bitwise.
In addition, Bitwise's application for an ETF for assets such as Bitcoin, Ethereum, XRP, Solana and Cardano, and Trump's recent announcement of a plan to include XRP, SOL and ADA in the reserves, have strengthened suspicions of a conflict of interest.
However, Sacks' announcement that he sold his BTC, ETH and SOL assets before taking office was interpreted as a move to mitigate these allegations and provide more transparency.
Correct. I sold all my cryptocurrency (including BTC, ETH, and SOL) prior to the start of the administration. https://t.co/dN6nuGQUtu
— David Sacks (@DavidSacks) March 3, 2025
*This is not investment advice.
