Key Takeaways
- Donald Trump’s personal crypto holdings are worth just under $1.5 billion.
- Robert F. Kennedy holds up to $5 million in a Fidelity Bitcoin Account.
- AI and Crypto Czar David Sacks may be facing questions over conflict of interest.
Six of Donald Trump’s top cabinet picks have disclosed healthy positions in Bitcoin and spot BTC exchange-traded funds (ETFs) which could total more than $6.75 million.
Naturally, this raises questions about conflicts of interest as the new administration pursues its pro-crypto ambitions. However, it also highlights that his government truly backs crypto.
Bitcoin in the White House
Health and Human Services Secretary Robert F. Kennedy Jr. appears to have the largest stash out of the cohort and disclosed a sizeable position in a Fidelity Bitcoin account worth between $1 million and $5 million.
Transportation Secretary Sean Duffy holds three significant positions . As per the disclosure, he holds $250,001 to $500,000 in BTC, the same amount of BTC in a Gemini wallet, and $50,001 to $100,00 in the Fidelity Wise Origin Bitcoin ETF (FBTC).
Treasury Secretary Scott Bessent disclosed he held between $250,001 and $500,000 in BlackRock’s iShares Bitcoin ETF (IBIT), the leading U.S. spot BTC fund. As per his ethics agreement, Bessent has 90 days from his confirmation on Jan. 27, 2025, to divest these assets, giving him a deadline of April 27.
As for the smaller positions, Director of National Intelligence Tulsi Gabbard reported a Bitwise Bitcoin ETF (BITB) position worth between $15,0001 and $50,000. Similarly, Defense Secretary Peter Hegseth holds between $15,001 and $50,00o in BTC.
Office of Management and Budget Director Russel Vought reported Bitcoin holdings in a Coinbase wallet worth between $1,001 and $15,000.
Cause for Concern?
Historically, U.S. politicians have a reputation for holding huge positions in firms before ascending to positions of power and then spending those years corruptly working with firms to boost said assets. Some U.S. politicians are also frequently alleged to be conducting insider trading.
That said, the appointment of former PayPal executive David Sacks as U.S. AI and Crypto Czar has raised eyebrows. Though he said he relinquished his crypto holdings, Sacks’ venture firm, Craft Ventures, and its ties to one of the largest crypto index fund providers, Bitwise Invest, have raised eyebrows.
These latest disclosures may spark debate around possible conflicts of interest arising as the U.S. pursues its pro-crypto agenda. However, there’s nothing to suggest foul play at this point.
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