Washington, United States—US President-elect Donald Trump late Thursday named former PayPal chief operating officer David Sacks as White House “AI and Crypto Czar.”
The wealthy tech entrepreneur will take on a newly created role advising the Trump administration on cryptocurrency and artificial intelligence.
“David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness,” Trump said in a social media post.
“He will safeguard Free Speech online and steer us away from Big Tech bias and censorship.”
Sacks will also lead a presidential council of advisors on science and technology, according to Trump.
The entrepreneur, whose wealth has been estimated in the billions of dollars, is considered part of a so-called “PayPal Mafia” cadre of influential tech entrepreneurs that includes Elon Musk and Peter Thiel.
The group was part of that company’s founding era and members have thrown their clout behind conservative political policies and candidates.
Sacks backed J.D. Vance as Trump’s running mate in the recent US presidential election, hosting Vance on his podcast in the process.
After PayPal was bought by eBay in 2002, Sacks went on to help create other tech firms including Yammer, which was bought by Microsoft.
Sacks, who like Musk was born in South Africa, also took to investing in startups.
Bitcoin breached $100,000 on Thursday before dipping back below the symbolically important level.
The digital asset has now soared more than 50 percent since the election of Trump, who has vowed to make the United States the “bitcoin and cryptocurrency capital of the world.”
The historic level was broken after Trump picked crypto proponent Paul Atkins to take over as chair of the Securities and Exchange Commission, the markets regulator.
Atkins “is unlikely to be as anti-crypto as his predecessor Gary Gensler,” said Kathleen Brooks, research director at the XTB trading platform.
“Politics is driving bitcoin. We doubt that the rally will stop here,” she added.