US President-elect Donald Trump announced today that David Sachs will become the "White House Czar of Artificial Intelligence and Cryptocurrencies".

On his Truth Social platform, Trump called artificial intelligence (AI) and cryptocurrencies "two areas critical to the future of American competitiveness."

Sachs, who is a confidant of billionaire Elon Musk, will be in charge of making the United States the clear leader in the world market in the business of artificial intelligence and digital currencies.

Sachs will also be in charge of creating a legal framework for the crypto industry to "have the clarity it requires and be able to thrive in the United States." Multibillionaire Sachs will also head the incoming president's science and technology advisory board.

Since Trump's election victory on Nov. 5, bitcoin investors have been celebrating, as the currency surged from $70.000 before the US election in November to a high of over $100.000 this week.

The euphoria was fueled by Trump's announcement that he would install digital currency advocate Paul Atkins as head of the powerful US Securities and Exchange Commission.