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David Sacks, a former PayPal executive and newly appointed AI and crypto czar under President-elect Donald Trump, is a strong advocate for Solana. Sacks, a significant investor in the blockchain, believes Solana could challenge Ethereum's dominance in the smart contract space.
Sacks Appointed as Trump’s Crypto Czar, Backing Solana and Multicoin Capital
Ex-Pal employee David Sacks, one of Trump's appointees, is a big believer in Solana and a supporter of Multicoin Capital, an investment firm specializing in cryptocurrency.
On December 5, Trump appointed Sacks, who is now co-host of the All-In business and technology podcast and a former PayPal operating head.
Sacks is well-known as a significant investor in Solana and other crypto-related enterprises, in addition to his interest in artificial intelligence and cryptocurrency.
Sacks made public her ownership of large quantities of Solana purchased at a discount in October 2021 during the 50th episode of All-In.
Solana’s Turnaround Amid FTX Collapse
In late 2023, Sacks called SOL the "biggest turnaround" and explained that he refrained from selling the stock after the fall of FTX, which was associated with Solana because of its significant SOL exposure.
Contrary to speculations that he had sold his SOL assets, Sacks emphasized in the 159th edition of All-In that he was keeping onto the asset and highlighting the 92% annual returns. This occurred in December 2023.
In December 2023, Sacks stated that accusations made by unscrupulous individuals online, suggesting that some had purchased Solana at a discount and sold it at retail, were baseless. He added that those still holding Solana were "very happy campers" due to the asset's performance.
Solana as an Ethereum Competitor
Allegedly the US crypto tycoon has spoken out strongly on Solana, praising it as a formidable smart contract platform and a possible rival to Ethereum.
Sacks brought out the possibility that Solana might become the preferred blockchain platform more popular than Ethereum in the 50th episode of the All-In podcast in 2021:
"It's my suspicion that there's some smart money in Silicon Valley that's putting their money on Solana eventually becoming the preferred platform over Ethereum."
He continued by saying that Solana's SOL remains the seventh-largest cryptocurrency asset by market value and has the ability to go even higher, regardless of whether Solana flips Ethereum or not.
Multicoin Capital and Strategic Investments
Based on data provided by CoinGecko (via Cointelegraph), Solana ranked at $111 billion in market capitalization as of the time of writing, behind only Bitcoin (BTC), Ether, Tether, and XRP.
Multicoin Capital is an investment firm that specializes in Solana, and Sacks is not only a huge Solana bull, but he has also backed them.
Along with other investors, including Marc Andreessen, Sacks put a lot of money into Multicoin in 2018.
Not only are they traders, but they are also experts in the field of emerging technology and how to assess it in a dynamic and fast-paced environment. He expressed his reasons for investing in Multicoin as a general partner and co-founder of Craft Ventures in a post explaining how much they taught him.
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