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The U.S. Secretary of Commerce buys Bitcoin as Trump's tariffs shake the market.
The unpredictable trade tax levels of President Donald Trump are raising concerns for businesses and trade associations, but some officials in the administration are taking the opportunity to invest. Secretary of Commerce Howard Lutnick, through Cantor Fitzgerald, has invested in the Bitcoin Fidelity Wise Origin fund along with shares of Tesla, Alibaba, and Robinhood, valued at over 200 million USD. He also received a conflict of interest exemption to participate in policies that could directly impact the company.
In addition, AI and cryptocurrency advisor David Sacks also sold off some digital assets and received a similar exemption before his company invested in an AI startup pursuing federal contracts. Meanwhile, trade groups warn that Trump's tariffs are increasing raw material costs, disrupting supply chains, and causing each American household to lose an average of 2,400 USD in 2025.