Former PayPal COO David Sacks has been selected by President-elect Trump to spearhead the White House's strategy on artificial intelligence and cryptocurrency. Trump emphasized the importance of these two sectors for America's future competitiveness in his announcement on Thursday evening, stating that Sacks will work to establish the US as a global leader in both fields.

Beyond technological advancement, Sacks's mandate includes protecting online free speech and countering what Trump calls "Big Tech bias and censorship." He will also develop a legal framework for the cryptocurrency industry to flourish within the United States and lead the Presidential Council of Advisors for Science and Technology.

Sacks, who previously held a leadership role at PayPal, has a diverse investment portfolio through his Craft Ventures fund, including stakes in companies like Facebook, Uber, SpaceX, Airbnb, and Palantir. His software company, Yammer, was acquired by Microsoft for over a billion dollars in 2012.