What’s happening is that Trump’s treasury pick Scott Bessent owns $500,000 in Bitcoin through BlackRock’s ETF. The Office of Government Ethics released documents about this investment. Bitcoin is trading at $94,227 right now. What Trump said on Truth Social was clear: “[Scott Bessent] will help me usher in a new Golden Age for the United States.”
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Explore Scott Bessent’s $500K Bitcoin investment and its Impact on Market Volatility and Security Risks
Investment Portfolio and Divestment Plans
Upon Reflection, I'm not so sure why Bloomberg says he will be selling the Bitcoin ETF.
For other assets, the divestment is footnoted, but not $IBIT. Any thoughts @bill_allison?
(Also, Mr. Bessent, thank you for being a @vaneck_us Customer $GDX). https://t.co/R5upDQ53rJ pic.twitter.com/XPjVIADK5A— matthew sigel, recovering CFA (@matthew_sigel) January 12, 2025
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What’s clear is that Trump’s treasury pick, Scott Bessent, has a big portfolio. It’s worth about $521 million. He owns lots of ETFs and U.S. Treasury bills. His BlackRock Bitcoin ETF investment is between $250,001 and $500,000. What’s happening now is that he needs to sell some holdings. The rules say he has 90 days after confirmation to do this. But people aren’t sure if he must sell the IBIT shares while being Trump’s treasury pick.
Market Impact and Regulatory Implications
What traders are seeing is more cryptocurrency market volatility since Bessent’s appointment. Bitcoin prices keep moving up and down. Here’s what Mathew Sigel from VanEck wrote on X: “I’m not so sure why Bloomberg says he will be selling the Bitcoin ETF. For other assets, the divestment is footnoted, but not IBIT.” What appears to be happening is that BlackRock’s Bitcoin ETF is getting more attention. It manages over $50 billion now amid Trump’s treasury pick announcement.
Professional Background and Future Role
Sources indicate that Bessent had several big jobs before becoming Trump’s treasury pick. Looking at his career, he worked at Soros Fund Management. What happened there was that he ran all their money from 2011 to 2015. Some people who follow these things say he managed investments for George Soros himself.
It appears he also handled all the foundation money. As time went on, it seems Bessent started his own company. People in the industry know it as Key Square Group. Those who track his background say he also taught. From what we understand, he worked at Yale University. The records show he taught economic history.
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Senate Confirmation and Asset Management
People are talking about Bessent’s role right now. They worry about how crypto prices keep changing. This could affect his job as treasury pick. His BlackRock Bitcoin ETF investment has gotten attention. Some experts have questions about it. Bessent has a big change coming up. His confirmation hearing is on January 16. He will need to make some changes after that. He’s going to leave his company, Key Square Group. That’s part of becoming Trump’s treasury pick. He needs to cut all ties with the firm.