U.S. Congressman Mike Collins Invests $80K in Ethereum Amid Positive Crypto Sentiment

U.S. Congressman Mike Collins, a Republican from Georgia’s 10th Congressional District, has disclosed an investment in Ethereum (ETH) worth nearly $80,000, according to a report from the investment tracking platform Quiver Quantitative. The platform, which monitors the investment activities of prominent public figures, made the announcement via X (formerly Twitter) on November 8.

In addition to Ethereum, Rep. Collins has also reportedly purchased $15,000 worth of Aerodrome (AERO), a decentralized exchange (DEX) and automated market maker (AMM) that serves as the central liquidity hub for Base—a layer-2 network built on Ethereum and launched by Coinbase.

The Timing of Collins’ Investment

Rep. Collins' Ethereum purchase comes just days after former U.S. President Donald Trump's victory in the U.S. election, which sent cryptocurrency markets into a bullish frenzy. Following Trump’s win, the prices of both Bitcoin (BTC) and Ethereum (ETH) surged significantly, with ETH rising to highs of $2,957 on November 8. Meanwhile, Bitcoin reached a new all-time high above $76,000.

While the broader market experienced significant gains, Ethereum’s price still lags behind its all-time high of $4,878, reached in May 2021. Despite this, ETH’s rally has been notable, with its price up significantly from earlier lows in 2023.

A Growing Trend Among U.S. Lawmakers

Collins is not the first U.S. lawmaker to disclose crypto holdings, but his move highlights the growing trend of elected officials embracing digital assets. With increasing numbers of pro-crypto candidates in the U.S. legislature, the cryptocurrency industry is gaining a stronger foothold in Washington, signaling a shift in sentiment towards digital assets.

As U.S. lawmakers like Rep. Collins invest in cryptocurrency, it reflects the broader positive outlook for the industry, especially as regulatory pressure from the Securities and Exchange Commission (SEC) has started to ease. Under SEC Chairman Gary Gensler, the agency had pursued a heavy-handed approach toward crypto regulation, often criticized for stifling innovation and pushing the U.S. to the back of the global race in blockchain and crypto development.

Trump, who has expressed a pro-crypto stance, has promised to fire Gensler if he were to return to office, further signaling a potential shift in U.S. crypto policy.

A Positive Outlook for the Crypto Industry

Rep. Collins' investment comes at a time when sentiment for the U.S. The crypto market is increasingly positive, following the election results and growing anticipation that the regulatory environment for cryptocurrencies could become more favorable in the near future. The continued rise of Ethereum, along with Bitcoin’s record-breaking performance, reflects a broader shift towards optimism in the digital asset space.

With more lawmakers acknowledging cryptocurrency in their personal portfolios and advocating for clearer regulatory frameworks, the crypto industry looks poised to play a larger role in U.S. politics and finance in the years to come.