Trump Names Cryptocurrency Investor as Digital Asset Advisor. What Does He Think of the Coin Industry?

David Sacks is an American entrepreneur, investor, and political activist. He previously held positions at such giants as PayPal and Yammer, the latter of which Sacks founded and later sold to Microsoft. He has also been an active investor in startups through his Craft Ventures fund.

What will happen to cryptocurrencies in the US

According to sources at Cointelegraph , Sachs shared a positive opinion about Bitcoin in his latest interview. The newly-minted official believes that the cryptocurrency is capable of having a revolutionary impact on the world finance. Here is his comment on this matter.

Church and state used to be inextricably linked and united. You couldn’t think of them without them being together. Now they are separate entities. I believe history will repeat itself with money and state. We can’t imagine money without state, but Bitcoin is a kind of sci-fi future where those two things can be separated.

On December 5, Trump announced the appointment of David Sachs as the so-called “crypto czar,” promising that the future adviser would help create a clear regulatory framework for regulating digital assets. This is what the blockchain industry has been demanding from the SEC, other regulators, and the Biden administration for years. They wanted to bring transparency to the coin industry, but the SEC instead advised them to follow the Securities Act from the first half of the last century.

David Sacks is known as a major investor in the Solana cryptocurrency project. He previously said that he continues to hold his positions in SOL despite the collapse of the FTX cryptocurrency exchange in November 2022. However, FTX was actively involved in the development of this ecosystem, and therefore some investors decided to abandon SOL amid these events.

Sachs is so confident in the altcoin that he even predicts a flippening – a hypothetical increase in Solana’s market cap to such a level that the coin will surpass Ethereum in this indicator. Here’s a retort on the topic.

There are a lot of people, I would say smart money in Silicon Valley, who are betting that Solana will eventually overtake Ethereum as the platform of choice.

Let us recall that Solana is characterized by high transaction speeds and low fees, which is why this network is becoming an increasingly popular platform for launching various projects. What is especially important is that the products within this ecosystem, such as wallets, have stylish and intuitive interfaces, which is also important for blockchain users.

Sachs’ appointment follows the nomination of Key Square Group hedge fund manager Scott Bessent, who is also an outspoken supporter of the coin industry, as Treasury Secretary. In fact, he has previously described cryptocurrencies as a form of freedom, even telling the media that “the crypto economy is here to stay.”

Meanwhile, analysts continue to predict a bullish rally in the price of Bitcoin. According to some experts, the main cryptocurrency has entered the euphoria zone according to the metric of net unrealized profit/loss (NUPL) of long-term holders.

This could potentially extend the bullrun until the end of 2025, according to WeRate co-founder Quinten Francois. Here’s his response.

Bitcoin is entering a euphoric phase. We have a maximum of 12 months until the peak of the cycle.

The NUPL is used to determine whether the Bitcoin network is in profit or loss based on the difference between unrealized profits and unrealized losses among BTC holders.

Another promising sign for Bitcoin’s price trajectory is that the all-time high was reached despite what’s happening to global liquidity, according to Real Vision chief crypto analyst James Coutts. Here’s the commentary.

Bitcoin has made new highs amid worsening liquidity. If conditions worsen, the rally, despite the euphoria, may only last for a limited time. If conditions ease, a pullback will be warranted, but then we’ll be back up.

Let us recall that Solana is characterized by high transaction speeds and low fees, which is why this network is becoming an increasingly popular platform for launching various projects. What is especially important is that the products within this ecosystem, such as wallets, have stylish and intuitive interfaces, which is also important for blockchain users.

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