Trump Appoints David Sacks as AI and Crypto Czar

U.S. President-elect Donald Trump appointed former PayPal COO David Sacks as the White House Artificial Intelligence and Crypto Czar. Sacks will develop a legal framework for the crypto industry and lead the Presidential Council of Advisors for Science and Technology. Bitcoin reached $100,000, promising growth under a crypto-friendly administration.

U.S. President-elect Donald Trump announced on Thursday the appointment of David Sacks, former PayPal Chief Operating Officer, as the White House Artificial Intelligence and Crypto Czar.

Tasked with developing a legal framework for the burgeoning crypto industry, Sacks will work to provide clarity and support, thereby nurturing its growth in the nation, as outlined by Trump on his social-media platform, Truth Social. Trump's pivot towards embracing digital currencies has marked a significant shift from his earlier stance, vowing during his campaign to transform the United States into the 'crypto capital of the planet'.

The landmark moment for cryptocurrencies came as Bitcoin soared past $100,000, signaling a new era for digital assets. Investors are encouraged by the potential of an administration that's expected to solidify cryptocurrencies' presence in financial markets. In addition to his new role, Sacks will chair the Presidential Council of Advisors for Science and Technology.

(With inputs from agencies.)