Source: Cointelegraph Original: "{title}"
Andrew Kang is the founder of the cryptocurrency venture capital firm Mechanism Capital. According to on-chain data, he appears to have doubled down on his bet that the price of Bitcoin (BTC) will rise, holding a long position worth $200 million.
"Kang just doubled his Bitcoin position," crypto analytics firm Arkham stated in a post on the X platform on April 12. The firm explained that a crypto address associated with Kang made an additional $100 million long bet on Bitcoin, with an expected profit or loss of $6.8 million.
On April 9, Arkham noted that a wallet associated with Kang made a $100 million leveraged long bet on Bitcoin earlier that day, shortly after U.S. President Donald Trump declared on his Truth Social platform that "this is a great time to buy!!!"
Source: Arkham
Just a few hours later, the Trump administration announced a 90-day suspension of its global tariff policy, causing both the cryptocurrency and stock markets to surge. The tariff policy, which was first announced on April 2, had only been in effect for a few hours before it caused most financial markets to falter.
In a post on the X platform on April 12, Kang stated that the end of the trade war and the "Trump bullish option"—the belief that the president would work to boost the stock market—"is the perfect combination for Bitcoin to reverse months of downward trends."
Kang pointed out that Trump's Truth Social post on April 9 could be a sign of the so-called "Trump bullish option." Source: Andrew Kang
Meanwhile, Senate Democrats called for the U.S. Securities and Exchange Commission to investigate Trump and his affiliates for insider trading and market manipulation in a letter on April 11, stating that his post "seems to foreshadow his plans to suspend tariffs."
Bitcoin Volatility Amid Tariff Confusion
As the Trump administration wavered on tariff exemptions for electronic goods from Taiwan, Bitcoin experienced over 2% volatility in the past 24 hours.
According to CoinGecko, Bitcoin dropped to a low of $83,197 within 24 hours, erasing most of its gains from before the weekend, but then rebounded to around $85,000, remaining flat for the day after briefly touching a high of $85,315.
Trump stated on Truth Social on April 13 that "no tariff 'exceptions' were announced on Friday, April 11, but the taxation on electronic goods from Taiwan will shift to a different 20% tariff 'category.'"
Related Articles: U.S. cryptocurrency miners may rush to buy mining machines during the tariff suspension, despite facing "obvious disadvantages."
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