On Thursday, President-elect Donald Trump announced the appointment of David Sacks, the former Chief Operating Officer of PayPal, as his White House Artificial Intelligence and Crypto Czar. This role is pivotal as it focuses on establishing a legal framework for the cryptocurrency industry, which Trump noted has been seeking clarity to enable it to thrive within the United States.
In a post shared on his social media platform, Truth Social, Trump articulated his vision, stating, "He will work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the U.S." This appointment is aligned with Trump's broader strategy to position the nation as the preeminent hub for cryptocurrencies. During his campaign, he expressed aspirations for the United States to become the "crypto capital of the planet" and voiced intentions to amass a national stockpile of bitcoin.
This announcement coincides with significant milestones in the cryptocurrency market. Bitcoin recently surpassed the $100,000 mark for the first time on Wednesday evening, a development that has been met with enthusiasm across the financial sector, including from individuals previously sceptical about digital currencies. The surge in Bitcoin's value is seen as indicative of growing investor confidence, particularly regarding the prospect of a supportive U.S. administration for crypto-related initiatives.
David Sacks, who previously held the position of chief executive at the software company Zenefits and was the founder of Yammer, a social networking service designed for enterprise use, will have an influential role in shaping the future of cryptocurrency and artificial intelligence in the United States. Additionally, Trump mentioned that Sacks will also lead the Presidential Council of Advisors for Science and Technology, underscoring the administration's commitment to integrating emerging technologies into government policy and business practices.
Source: Noah Wire Services