Sacks' Crypto Sacrifice: A $1B Loss for US Policy?
Controversy surrounds the appointment of David Sacks as a cryptocurrency policy advisor, with accusations of potential conflicts of interest. Gemini co-founder Cameron Winklevoss, however, offers a different perspective.
Winklevoss: Sacks' Crypto Sacrifice Could Reach $1 Billion
To prevent any appearance of conflict of interest, Sacks divested himself of all cryptocurrency holdings. Winklevoss estimates this decision will cost Sacks at least $1 billion in unrealized gains over the next four years. Winklevoss stated on X, "David Sacks is going to easily lose out on $1 billion in crypto gains over the next 4 years. He sold all of his crypto holdings (including $85 million of his personal holdings) prior to becoming AI and crypto czar."
Sacks confirmed the sale of approximately $200 million in cryptocurrency holdings, including those in funds like Bitwise and Blockchain Capital, and an additional $85 million in personal assets. This action occurred before he assumed his advisory role.
Winklevoss highlights that Sacks is spearheading crucial policy shifts within the US cryptocurrency sector, but will receive no personal financial benefit from the potential resulting market growth.
"He is doing tremendous work and will not be sharing in any of the economic upsides to avoid even the slightest appearance of a conflict," said Winklevoss.
Sacks' Role in Shaping US Crypto Policy
Since his appointment, Sacks has been instrumental in establishing initiatives such as the White House Crypto Summit and the creation of a US Strategic Bitcoin Reserve. He has also addressed losses incurred from previous sales of seized Bitcoins. Sacks' efforts are anticipated to stimulate institutional investment and potentially propel cryptocurrency prices to new highs.
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