Originally published on: December 06, 2024
The latest update reveals that David Sacks and Craft Ventures have a stake in Solana through their investment in Multicoin Capital. Sacks, an ex-PayPal executive and the appointed “White House A.I. & Crypto Czar” under President-elect Trump, is a firm believer in Solana and a supporter of the crypto investment company Multicoin Capital.
Sacks, known for his role at PayPal and as a co-host of the All-In business podcast, was appointed by Trump on December 5th. Besides his interest in crypto and artificial intelligence, Sacks is also an investor in Solana and other crypto ventures.
During a podcast episode in October 2021, Sacks disclosed his indirect investment in Solana through Multicoin Capital. He praised Solana’s performance, calling it the “biggest turnaround” in late 2023. Despite market fluctuations, he maintained his faith in SOL, emphasizing its potential for growth.
In a later podcast in December 2023, Sacks highlighted Solana’s impressive annual returns and debunked claims of selling his SOL holdings. He reaffirmed his confidence in Solana as a formidable competitor to Ethereum and a robust smart contract platform.
The escalating market value of Solana has positioned it as the fifth-largest crypto asset, with a market cap of $111 billion. Multicoin Capital, founded in 2017, focuses on investments in cryptocurrencies, tokens, and blockchain companies, with a strong emphasis on Solana.
Sacks’ involvement with Multicoin Capital dates back to 2018 when he, alongside notable investors, backed the firm. His decision to invest was driven by Multicoin’s expertise in evaluating emerging technologies within the dynamic crypto space.
As the US gears up for potential advancements in crypto regulation, Sacks’ backing of Solana and Multicoin Capital signals his confidence in the digital asset landscape. Stay tuned for more insights on crypto developments by subscribing to the Markets Outlook newsletter for valuable market analysis and trading strategies.
