David Sacks has denied media reports claiming he sold $200 million in cryptocurrency. He clarified that the move was a necessary divestment due to his new government role, not a loss of faith in the industry.
Sacks' Statement on Crypto Sale
In his statement, Sacks indicated that media headlines mischaracterized his actions, claiming he 'dumped' cryptocurrency. He clarified that this was a necessary divestment due to his government role and does not reflect a loss of confidence in the industry.
New Government Position
Former PayPal COO and venture capitalist Sacks was appointed by President Donald Trump to the position of head of the President’s Council of Advisors on Science and Technology. In conjunction with this role, Sacks no longer holds direct crypto assets.
Industry Reaction and Support
Multiple voices have pushed back against the media portrayal of Sacks' divestment as a retreat from cryptocurrency. Former Binance CEO Changpeng Zhao and Arca portfolio manager David Nage condemned the media distortion.
The situation with David Sacks illustrates the tension in the media representation of the crypto industry and highlights the importance of ethics and transparency for industry leaders.
