White House Digital Strategy Director Buys $2.3 Million in Crypto

Last Friday Jerome Powell, the U.S. Federal Reserve Chairman, made cautious remarks about the current state of the economy.

Following his appearance at Jackson Hole, Bitcoin (BTC) and various altcoins experienced a notable price surge, leading to increased market activity.

Among the investors capitalizing on this upswing was Christian Tom, the White House’s director of digital strategy. According to Arkham Intelligence data, Tom acquired 3.843 million Arbitrum (ARB) tokens valued at $2.3 million from Binance.

These tokens were initially bought eight months prior, with Tom having previously invested around $8.38 million in ARB. The tokens were subsequently transferred to Binance.

There has been speculation about whether Tom sold his ARB holdings before repurchasing them.

Arbitrum, listed on Binance in March 2023, reached a peak of $2.40 in January. Currently, ARB is trading around $0.60, a drop of approximately 75% from its January high.