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

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David Sacks, appointed by US President Donald Trump as the White House AI and Crypto Czar, has confirmed that he sold all his personal cryptocurrency holdings, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), before assuming his role in the administration.
Sharing a post on X, Sacks stated, “I sold all my cryptocurrencies (including BTC, ETH, and SOL) before the administration began.”
Why David Sacks sold all his digital assets
As per several reports, his decision was reportedly aimed at avoiding any conflicts of interest by ensuring he holds no personal crypto investments while serving in government.
Despite his public statement, some users on X speculated that Sacks may still hold cryptocurrency indirectly through 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 announced the digital assets set to be included in the US crypto strategic reserve, triggering a surge in value for many previously struggling cryptocurrencies.
The selected cryptocurrencies comprise Bitcoin, Ether, XRP, Solana and ADA. In January, Trump issued an executive order to assess establishing and sustaining a national 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 five digital currencies experienced significant gains on Sunday, rising between 8% and 20% by 2 pm ET. Bitcoin, the dominant cryptocurrency by market capitalisation, which had been trading near $86,000 per coin, down from its previous peak of approximately $106,000 earlier this year, surged to nearly $93,000 following Trump’s statement.