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Bitcoin News Update: Trump Supporter Gill Increases Bitcoin Investment by $300K Despite Crypto Downturn

Bitcoin News Update: Trump Supporter Gill Increases Bitcoin Investment by $300K Despite Crypto Downturn

Bitget-RWA2025/11/19 11:32
By:Bitget-RWA

- Rep. Brandon Gill (R-Texas) added $300K to Bitcoin and BlackRock's IBIT ETF, totaling $2.6M in crypto investments amid market declines. - His strategy involves buying during dips, including $1.5M in BTC purchases below $100,000 in June-July 2024. - Gill missed reporting $500K in Bitcoin buys under the STOCK Act, raising transparency concerns despite nominal $200 fine penalties. - The purchases align with Trump's pro-crypto policies, including a "strategic Bitcoin reserve" initiative and reduced regulatio

Texas Representative Brandon Gill, a well-known supporter of President Donald Trump, has

during a period of widespread declines in the cryptocurrency market, as revealed by recent congressional filings. His latest acquisitions include between $100,000 and $250,000 in and $15,001 to $50,000 in BlackRock’s (IBIT), since he assumed office in January. These actions highlight Gill’s strong advocacy for digital currencies, despite Bitcoin having of $126,251, with the price hovering around $92,140 as of November 18.

Gill’s most recent purchases took place as institutional interest waned and economic uncertainty grew. Bitcoin’s value has been under pressure due to profit-taking, economic concerns, and a shift away from riskier assets after Trump’s unexpected tariff statements, which

. The cryptocurrency briefly slipped below $95,000 in late October and has struggled to recover, with experts describing the current climate as “risk-off” . At the same time, spot Bitcoin ETFs—including BlackRock’s , which oversees $74 billion in assets—have experienced $1.9 billion in withdrawals over four straight days, indicating a more cautious approach among investors .

Bitcoin News Update: Trump Supporter Gill Increases Bitcoin Investment by $300K Despite Crypto Downturn image 0
Gill’s trading history shows a pattern of buying Bitcoin during price declines. Previously, he in June and July, including a $1 million buy on June 20 when Bitcoin was below $100,000. Earlier this year, he bought $850,000 worth of Bitcoin in four transactions starting in late January. However, his reporting practices have faced criticism from transparency groups. in Bitcoin acquisitions within the 45-day period required by the STOCK Act, which aims to prevent insider trading by mandating timely disclosures. While the penalty for such violations is a modest $200, ethics panels often choose to waive it, .

Gill’s stance on cryptocurrency is in line with the Trump administration’s favorable approach to digital assets. His January investments came after Trump issued an executive order to ease crypto regulations, and his February purchase coincided with the president’s launch of a “strategic Bitcoin reserve” plan

. This year, Gill has also put $150,000 into IBIT, joining other Republican lawmakers such as Marjorie Taylor Greene (R-Ga.), who . In contrast, some members of Congress, including Rep. Guy Reschenthaler (R-Pa.), have sold their holdings in Bitcoin, , and .

Experts remain split on Bitcoin’s short-term prospects. The cryptocurrency is nearing a “death cross,” where the 50-day moving average falls below the 200-day average—

. Yet, previous death crosses have sometimes marked the bottom of the market, giving some hope to long-term investors . For now, Gill’s ongoing investments suggest he believes in Bitcoin’s potential, even as the broader digital asset market faces significant challenges.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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