The head of encryption for the Trump administration, David Sacks, is a supporter of Solana and an investor in Multicoin Capital

According to Cointelegraph, the newly appointed crypto head of the Trump administration, David Sacks, is a staunch supporter of Solana and also an investor in cryptocurrency investment company Multicoin Capital.

In October 2021, David Sacks publicly disclosed in episode 50 of the "All-In" podcast that he had purchased a large amount of Solana (SOL) at a discounted price. He stated that after FTX crashed, he did not sell SOL. He also mentioned that Solana has the potential to replace Ethereum as the preferred blockchain platform.

Previously it was reported that Trump appointed David Sacks as head of crypto affairs. The VC founded by David Sacks has invested in crypto projects such as dYdX and Lightning Labs.