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Dec. 5 (UPI) -- President-elect Donald Trump named venture capitalist and Elon Musk associate David Sacks to oversee artificial intelligence and cryptocurrency policy in his incoming administration. Trump made the announcement on his social media platform Truth Social while appointing Sacks, 52, to the new role of "AI & crypto czar."
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"In this important role, David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness," Trump said in the statement.
"David will focus on making America the clear global leader in both areas."
By naming Sacks and creating the position, Trump is continuing the trend of fostering what analysts have described as a crypto-friendly Cabinet and filling it with loyalists and allies of himself and Musk, whom the president-elect has already tapped to co-lead a yet-to-be-created department overseeing government efficiency.
Sacks, who also co-hosts the business and technology podcast All-In, is considered a member of the so-called PayPal Mafia of employees and founders of the payment processing service who would go on to develop other successful tech and venture capitalist companies.
Among the members of this informal group is Musk. Sacks, 52, previously served as the chief executive officer of PayPal, which was bought by eBay in 2002, before co-founding venture capital firm Craft Ventures.
Sacks, who has yet to comment on the nomination, became an important fundraiser for Trump after he endorsed the New York real estate mogul in June.
Reaction to Trump's appointment was swift, with Canadian-American venture capitalist Chamath Palihapitiya, who is also a co-host of All-In, praising Sacks as the "very best of America -- - a successful entrepreneur, a principled free speech absolutist and a brilliant technologist."
Tyler Winklevoss, founder of Winklevoss Capital Management and Gemini cryptocurrency exchange, also said it was an "excellent choice."
"David's a multiple-time tech founder with huge successes. He knows how to build and understands policy. He was also super early in crypto and supporting Trump to make America pro-business, pro-innovation and pro-crypto," he said on X.
The announcement came a day after U.S. cryptocurrency Bitcoin hit $100,000 for the first time on Wednesday, with analysts believing it was fueled by Trump's election victory last month.
