Trump’s representatives did not respond when asked whether the new position would be an internal government position or whether Sacks would serve as a “special government employee” so that he could continue to take on other duties in the private sector. Sacks did not respond to a request for comment.

Sacks first made a name for himself as one of the first employees of the payments technology company PayPal, which he built with Elon Musk, Peter Thiel, Reid Hoffman and others. Like other members of the so-called “PayPal Mafia,” Sacks founded several other business ventures. In 2012, he sold workplace software company Yammer to Microsoft in a deal valued at $1.2 billion. He now runs his own venture capital firm, Craft Ventures, which has previously invested in companies such as AirBnb, Palantir and Slack, as well as crypto firms BitGo and Bitwise.

Sacks is also co-host of the popular Everything inside Podcast in which he used the platform to boost Trump. He has also shared a number of right-wing viewpoints: At the podcast’s summit in September this year, Sacks questioned the effectiveness of the Covid vaccine.

Like Musk, Sacks was a vocal supporter of Trump during the presidential campaign. In an X post in June, he laid out his typical Silicon Valley reasoning: “Voters have experienced four years of President Trump and four years of President Biden. In tech we call this an A/B test,” he wrote. “When it comes to economic policy, foreign policy, border policy and legal justice, Trump has done better. He is the president who deserves a second term.”

That same month, Sacks hosted an exclusive fundraiser for the Trump campaign that reportedly raised up to $12 million. Attendees reportedly included Vice President-elect JD Vance – who previously called Sacks “one of my closest friends in the tech world” – as well as Cameron and Tyler Winklevoss, co-founder of crypto exchange Gemini.

In the weeks since Trump won back the Oval Office, crypto markets have been on the rise. During the race, the president-elect made a number of crypto-friendly pledges, including a promise to create a national “Bitcoin reserve.” With Sacks, Trump has chosen a czar who the crypto industry believes will keep his campaign promises.

On December 6th, Bitcoin price jumped above $100,000 for the first time. “You’re welcome!!! (sic),” Trump posted on Truth Social.