Top Silicon Valley investor predicts 'cascade' of Trump support, cites Biden's 'hostile' stance on crypto, AI

Craft Ventures co-founder David Sacks joined "The Ingraham Angle" on Friday, telling host Laura Ingraham there was "tremendous enthusiasm" for former President Trump during a fundraiser Thursday in true blue, liberal San Francisco.

When asked by Ingraham about what Silicon Valley supporters hope to gain by backing the former president, Sacks emphasized that the support is not transactional.

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"Honestly, it's not that transactional. You know, it's not like there's some sort of overt quid pro quo. Most of these people just really love America, and they want to see America doing better," Sacks explained. 

Sacks added that the industry seeks more pro-innovation policies, contrasting the Biden administration's "hostile" stance toward crypto and artificial intelligence.

"Now, in terms of what the industry cares about, the industry wants to be able to innovate, and the Biden administration has been very hostile toward innovation. It's been extremely hostile toward the crypto industry, it's already trying to overregulate AI," Sacks said. "I do think that the industry would like to have more pro-innovation policies coming out of Washington, and that does lead to support for President Trump, but again, it's not anything transactional. It really is about having a better administration in Washington."

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The Thursday fundraiser, co-hosted by Democrat mega-donor and former Facebook executive Chamath Palihapitiya, brought in a $12 million haul for the Republican presidential candidate, as previously reported by Fox News.

Ingraham asked Sacks what impact the success of the Trump fundraiser "in one of the bluest cities in the United States" would have on "other heavy hitters" who either support Nikki Haley or are "uncomfortable" with supporting the former president.

"I think this is going to melt the ice," Sacks said.

"I know there's a lot of people out there who are already Trump supporters, and they're just afraid to stick their necks out. I mean, that's the reality of the situation because they're afraid of getting ostracized or afraid of cancel culture. They're afraid of punishment, and they're afraid because the Biden administration likes political prosecutions and political investigations. So people have reasons to be nervous about expressing their support for Trump," he said.

"With each incremental person who sticks their neck out and endorses Trump, it makes the rest of them feel more comfortable doing it, and you're seeing, I think, a cascade starting to happen now, where more and more people are going to come out for Trump," Sacks added.

Christopher Lopez is a digital production assistant for Fox News Digital. He joined Fox News in 2021.