{"id":658519,"date":"2024-12-06T21:30:07","date_gmt":"2024-12-06T21:30:07","guid":{"rendered":"https:\/\/uniquehot.com\/?p=658519"},"modified":"2024-12-06T11:53:07","modified_gmt":"2024-12-06T11:53:07","slug":"trump-crypto-czar-david-sacks-bullish-solana","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/solana\/trump-crypto-czar-david-sacks-bullish-solana\/","title":{"rendered":"Trump’s Crypto Czar David Sacks Is Super Bullish For Solana: Here’s Why"},"content":{"rendered":"

Solana (SOL) could be one of the biggest winners from the nomination of David O. Sacks as White House Director of Artificial Intelligence and Cryptocurrency. President-elect Donald J. Trump has appointed David Sacks as \u201cCrypto Czar” on Thursday.<\/p>\n

Trump stated that Sacks will work to develop a legal framework to provide the crypto industry with the clarity it has been seeking, allowing the industry to flourish in the United States. Sacks brings a high-profile background to the role: he was Chief Operating Officer of PayPal during its formative years and serves as an advisor to the 0x protocol.<\/p>\n

Related Reading: Solana (SOL) Could See A Correction Despite Historic Monthly Close, $400 Still On Sight?<\/a><\/div>\n

Known for his long standing support of Bitcoin as a decentralized hedge against traditional finance and a proponent of decentralized finance (DeFi) for increasing transparency in the financial system, Sacks has also invested in multiple cryptocurrency projects through his venture capital firm, Craft Ventures.<\/p>\n

Why Sacks Is Super Bullish For Solana<\/h2>\n

Among his most notable exposures is his early investment in the Solana blockchain, achieved through the crypto-focused investment firm Multicoin Capital<\/a>. In 2023, Sacks confirmed that he maintained his Solana (SOL) position despite the FTX-related market turbulence and remained \u201cup big.\u201d<\/p>\n

Craft Ventures\u2019 early involvement with Solana, via Multicoin Capital, reportedly generated substantial returns. According to Sacks\u2019 own account on a podcast (when SOL stood at $169), this investment soared to a valuation around $1 billion.<\/p>\n

\u201cThat fund, I mean, it\u2019s like a 100x fund, it\u2019s just like bonkers. And so as a result of that, we are indirect beneficiaries of this huge increase in Solana. It will end up being about, you know, a billion dollars of, I think, Solana for us in terms of returns, but the MultiCoin guys determine the trading decisions on that,\u201d Sacks revealed during a podcast<\/a>.<\/p>\n

Sacks has discussed Solana in detail on the All-In Podcast with Chamath Palihapitiya<\/a>, the founder and CEO of Social Capital. Their conversations have highlighted Solana\u2019s capability to support rapid, cost-effective transactions at scale, often comparing its architecture and throughput favorably against that of Ethereum.
\n\u201cThere\u2019s a lot of people, I\u2019d say smart money in Silicon Valley, who are betting on a flippening where Solana could ultimately overtake Ethereum as the preferred platform,\u201d Sacks remarked.<\/p>\n

Related Reading: Solana (SOL) ATH Sparks $309 Price Prediction Frenzy \u2013 Details<\/a><\/div>\n

Notably, a spot Solana ETF is just around the corner in the US with 5 applications already filed<\/a> with the US Securities and Exchange Commission. With the appointment of Sacks, the likelihood of a spot SOL ETF following the departure of Gary Gensler as SEC Chairman on January 20 is likely to have increased further.<\/p>\n

Solana\u2019s strong fundamentals and growing institutional recognition are being reflected in its price action. At press time, Solana is trading just below a new all-time high established two days ago at $264.39, having surpassed its previous record from October 2021 at $259.90.<\/p>\n

Should SOL breach this newly formed resistance level, technical analysts point to potential upside targets. These include the 1.272 Fibonacci extension at around $328 and the 1.618 Fibonacci extension at approximately $415.<\/p>\n

At press time, SOL traded at $234.<\/p>\n

\"Solana
SOL price, 1-week chart | Source: SOLUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from YouTube, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Solana (SOL) could be one of the biggest winners from the nomination of David O. Sacks as White House Director of Artificial Intelligence and Cryptocurrency. President-elect Donald J. Trump has appointed David Sacks as \u201cCrypto Czar” on Thursday. Trump stated that Sacks will work to develop a legal framework to provide the crypto industry with the clarity it has been seeking, allowing the industry to flourish in the United States. Sacks brings a high-profile background to the role: he was Chief Operating Officer of PayPal during its formative years and serves as an advisor to the 0x protocol. Related Reading: Solana (SOL) Could See A Correction Despite Historic Monthly Close, $400 Still On Sight? Known for his long standing support of Bitcoin as a decentralized hedge against traditional finance and a proponent of decentralized finance (DeFi) for increasing transparency in the financial system, Sacks has also invested in multiple cryptocurrency projects through his venture capital firm, Craft Ventures. Why Sacks Is Super Bullish For Solana Among his most notable exposures is his early investment in the Solana blockchain, achieved through the crypto-focused investment firm Multicoin Capital. In 2023, Sacks confirmed that he maintained his Solana (SOL) position despite the FTX-related market turbulence and remained \u201cup big.\u201d Craft Ventures\u2019 early involvement with Solana, via Multicoin Capital, reportedly generated substantial returns. According to Sacks\u2019 own account on a podcast (when SOL stood at $169), this investment soared to a valuation around $1 billion. \u201cThat fund, I mean, it\u2019s like a 100x fund, it\u2019s just like bonkers. And so as a result of that, we are indirect beneficiaries of this huge increase in Solana. It will end up being about, you know, a billion dollars of, I think, Solana for us in terms of returns, but the MultiCoin guys determine the trading decisions on that,\u201d Sacks revealed during a podcast. Sacks has discussed Solana in detail on the All-In Podcast with Chamath Palihapitiya, the founder and CEO of Social Capital. Their conversations have highlighted Solana\u2019s capability to support rapid, cost-effective transactions at scale, often comparing its architecture and throughput favorably against that of Ethereum. \u201cThere\u2019s a lot of people, I\u2019d say smart money in Silicon Valley, who are betting on a flippening where Solana could ultimately overtake Ethereum as the preferred platform,\u201d Sacks remarked. Related Reading: Solana (SOL) ATH Sparks $309 Price Prediction Frenzy \u2013 Details Notably, a spot Solana ETF is just around the corner in the US with 5 applications already filed with the US Securities and Exchange Commission. With the appointment of Sacks, the likelihood of a spot SOL ETF following the departure of Gary Gensler as SEC Chairman on January 20 is likely to have increased further. Solana\u2019s strong fundamentals and growing institutional recognition are being reflected in its price action. At press time, Solana is trading just below a new all-time high established two days ago at $264.39, having surpassed its previous record from October 2021 at $259.90. Should SOL breach this newly formed resistance level, technical analysts point to potential upside targets. These include the 1.272 Fibonacci extension at around $328 and the 1.618 Fibonacci extension at approximately $415. At press time, SOL traded at $234. Featured image from YouTube, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":658521,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[15211,14690,93486,8480,12837,89406,86420,83626,93487,89405,85361],"class_list":["post-658519","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-crypto-czar","tag-crypto-news","tag-david-sacks","tag-donald-trump","tag-sol","tag-sol-news","tag-sol-price","tag-solana","tag-solana-david-sacks","tag-solana-news","tag-solana-price"],"acf":[],"yoast_head":"\nTrump's Crypto Czar Sacks Is Super Bullish For Solana: Here's Why<\/title>\n<meta name=\"description\" content=\"Solana (SOL) could be one of the biggest winners from the nomination of David O. 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His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. 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