David Sacks has pushed back against media reports mischaracterizing his $200 million divestment from cryptocurrency, clarifying that the move was a required liquidation, not a market dump.
In an X post, Sacks shared a headline falsely claiming he “dumped” his crypto and emphasized that the decision was a necessary divestment due to his new government role, not a loss of faith in the industry. He noted that this move was part of the ethical obligations tied to his position.
Why does the media always want to portray crypto in the worst light? I did not “dump” my cryptocurrency; I divested it. Obviously I would have preferred not to, but government ethics rules required it. It’s an honor to serve President Trump and the American people. pic.twitter.com/EIArBKHQM8
— David Sacks (@DavidSacks) March 18, 2025
“I did not ‘dump’ my cryptocurrency; I divested it,”
Sacks stated.
Sacks, a former PayPal COO and venture capitalist, was appointed by President Donald Trump to lead the President’s Council of Advisors on Science and Technology, overseeing AI and cryptocurrency initiatives. In an X post on March 3, Sacks confirmed that he no longer holds any crypto assets, and he has sold his direct investment and that of his firm, Craft Ventures, in Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) before he took office. Although he has sold his direct ownership of cryptocurrency, Sacks reportedly still maintains indirect exposure through Craft Ventures. The firm has invested in several crypto-related companies, including Bitwise Asset Management, BitGo, Lightning Labs, and Dune.
His divestment has sparked speculation, with some media outlets framing it as a retreat from crypto. However, Sacks and several industry leaders pushed back against this narrative. Former Binance CEO Changpeng “CZ” Zhao supported Sacks, stating in reply to Sack’s X post:
“They sell clicks, not ethics.”
David Nage, portfolio manager at Arca, also condemned the media’s framing. Nage argued that it highlights the clash between
“how crypto’s ‘don’t trust, verify’ ethos clashes with legacy systems built on blind trust.”
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