David Sacks has been appointed by President-elect Donald Trump as the White House’s artificial intelligence and crypto czar.

Sacks, a former COO of PayPal, co-founded Craft Ventures and has invested in notable tech companies.

Trump made the announcement on Truth Social, emphasizing Sacks’ role in enhancing America’s leadership in AI and crypto, while protecting free speech and combating Big Tech censorship.

Sacks has previously supported Trump, hosting high-profile fundraisers and discussing political issues on his “All-In” podcast.

Critical of Trump

While he has made donations to various political figures across the spectrum, Sacks has been critical of Trump in the past, especially regarding the January 6 Capitol riot.

His appointment reflects Trump’s strategy of filling his administration with supporters from Silicon Valley and Wall Street who may favor less stringent tech regulations.

Sacks will be tasked with establishing a legal framework for cryptocurrencies in the U.S. and will head a presidential advisory council on science and technology.

This position is notable as the Biden administration has not designated a counterpart for crypto and AI.

Bitcoin has surpassed the $100,000 mark, reaching $155,440, following a significant rally.

This increase in value is attributed to the election of Donald Trump.

His election has led to expectations of a more favorable regulatory environment for cryptocurrencies.

Trump announced his intention to nominate Paul Atkins, a known cryptocurrency supporter, as the next chair of the Securities and Exchange Commission.

Since Trump’s election on November 5, Bitcoin has experienced tremendous growth.

On election day, Bitcoin was valued at $69,374.

It reached a high of $103,713 on Wednesday, according to CoinDesk.

Bitcoin’s drop

This current rise is noteworthy, especially considering Bitcoin’s drop below $17,000 two years ago after the FTX exchange collapse.

Market analysts are monitoring this upward trend closely as the regulatory landscape evolves.

The cryptocurrency market remains highly volatile and sensitive to political developments.

New framework

Investors are optimistic about future growth in light of recent events.

The nomination of Atkins may signal continued support for the crypto industry under the new administration.

As Bitcoin continues to rise, the implications for the overall market could be significant.

Cryptocurrency enthusiasts are hopeful that a more constructive regulatory framework will promote wider adoption.

Treasurer Jim Chalmers responded to EY chief economist Cherelle Murphy’s negative view of Australia’s economy, which she described as a “sad economy without much hope.”

Chalmers expressed disagreement with this bleak assessment during an interview on ABC Radio.

He acknowledged the pressure many Australians are facing but noted some positive aspects in the recently released national accounts figures.

Chalmers highlighted that wages are rising, inflation is decreasing, and tax cuts are positively impacting the economy.

He mentioned that these factors contributed to a slight improvement in living standards.

Public spending

However, data from the Australian Bureau of Statistics indicated that without public spending and immigration, Australia would be in recession.

The economy grew by only 0.3 percent in the September quarter, which was below expectations.

Annual growth decreased to 0.8 percent, representing the worst performance outside the COVID-19 pandemic recession since 1990-91.

In per capita terms, the economy contracted by 0.3 percent for the seventh consecutive quarter.

This decline has resulted in a 2.2 percent drop in net national income per person over the past year, equating to a loss of $1,660.