#TrumpCryptoSummit #DavidSachs $BTC $XRP $BNB David Sacks reveals Bitcoin Maximalist tendencies, emphasizing value storage over crypto utility
1 hours ago
On March 9th, Cryptocurrency analyst @goodalexander offered comments on the cryptocurrency views of White House cryptocurrency and AI chief David Sacks in an article. He stated, "After observing all of Sacks' interviews, it is evident that Sacks shows a Bitcoin maximalist tendency. He did not elaborate on the path for the US to become a unique 'Crypto Capital', but at least he avoided legal repression and bank defunding. By comparing Bitcoin to a 'digital Fort Knox', he strengthened Bitcoin's dominant position. From Sacks' remarks, it can be seen that the US has not prioritized cryptocurrency projects for development. Instead, it has focused on stopping bank defunding and providing regulatory guidance. The tax discussion centered around the best-case scenario of budget neutrality, which means the possibility of tax-free crypto is extremely low. In the digital asset custody proposal, Bessent (Treasury Secretary) effectively acts as the investment manager for confiscated crypto assets. When asked whether budget-neutral acquisition of Bitcoin implies selling off existing reserve assets to invest in Bitcoin, Sacks admitted that this might be the case. This is bearish for altcoins and bullish for Bitcoin." "David Sacks strongly emphasizes the prevention of conflicts of interest. He detailed that he had liquidated all of his crypto assets (including venture capital shares) before engaging in crypto transactions. Sacks advocates that meme coins should disclose the lack of utility, similar to the operating model of the Trump family NFT project. It is almost like a 'reverse securities registration'. He emphasizes the uniqueness of Bitcoin: Satoshi Nakamoto's 'flawless birth', fixed supply, decentralization, and a $20 trillion bug bounty mechanism after ten years - all of which contribute to the store of value narrative. It does not involve digital cash, the internet of value, real-time payments, digital art, or DeFi." "It should be noted that David Sacks extensively discusses the uniqueness of Bitcoin but does not mention the essential reasons for the US needing a crypto policy (such as payment infrastructure and optimizing Wall Street functions). Sometimes silence speaks more than words. When it comes to digital assets other than Bitcoin, Sacks emphasizes that founders must disclose their holdings and unlock terms. If they claim to be Bitcoin alternatives (such as fixed supply and decentralization), they must provide some form of guarantee. This once again reinforces the narrative framework that 'other crypto assets fundamentally serve as store of value tools'. In other words, in David Sacks' view, the clear goal of crypto projects is to become alternatives to Bitcoin - operating centralized in the short term but having a transition period and ultimately becoming decentralized commodities." "Several of Trump's sons are deeply involved in non-Bitcoin crypto activities. They loudly proclaim that Trump's policies will benefit altcoins, including retweeting 'ADA XRP SOL' tweets and publicly expressing support for tax-free crypto. Sacks, however, claims that Trump's tweets mentioning ADA, XRP, and SOL 'do not hold deep meaning' and are only the 'top five market cap coins'. This contradicts Eric Trump's active campaigning. There seems to be a conflict budding between David Sacks and the Trump family members deeply involved in the crypto industry. The previous view that 'US crypto projects have a structural advantage' may be wrong, but the current market situation is still better than the Biden administration. In the long term, the rise in crypto market prices does not require the endorsement of the US government. Ceasing full-scale prosecutions is already bullish, but the outcome of this White House summit did not meet expectations.
