Congressman Mike Collins Buys $80K in ETH

U.S. Congressman Mike Collins, a Republican re-elected to represent Georgia’s 10th District, has disclosed an investment in Ethereum worth nearly $80,000, according to Quiver Quantitative, a platform that monitors trades and investments of prominent public figures. Quiver shared news of Collins' ETH purchase in a post on social media platform X on November 8.

BREAKING: Representative Mike Collins just disclosed buying up to $80K of Ethereum, $ETH.

He also bought another $15K of an altcoin called Aerodrome, $AERO.

Full trade list up on Quiver. pic.twitter.com/ZJ5211kxsA

— Quiver Quantitative (@QuiverQuant) November 8, 2024

In addition to Ethereum, Collins reportedly invested $15,000 in Aerodrome (AERO), a decentralized exchange and automated market maker that serves as the main liquidity hub for Base, a layer-2 Ethereum network developed by Coinbase. This investment highlights Collins’ interest in both Ethereum and the broader decentralized finance (DeFi) ecosystem.

The timing of Collins' investment disclosure comes just days after Donald Trump’s election win, which sparked a significant rally in cryptocurrency markets. The victory prompted a wave of bullish sentiment, pushing Bitcoin to a new all-time high above $76,000, while Ethereum surged to a local high of $2,957 on November 8. However, despite this recent spike, Ethereum remains nearly 40% below its all-time high of $4,800, set in May 2021, and has yet to reclaim its year-to-date high above $4,000 reached in March.

Collins' investment adds him to a growing list of U.S. lawmakers holding cryptocurrency, suggesting a potential trend of elected officials incorporating digital assets into their portfolios. This trend comes at a time when pro-crypto sentiment is gaining momentum within the U.S. political landscape, with an increasing number of pro-crypto candidates elected to office.

The broader outlook for the U.S. crypto industry is optimistic, as many hope to move past the regulatory obstacles imposed by the Securities and Exchange Commission (SEC) under Gary Gensler's leadership. Over the past four years, the SEC’s aggressive enforcement approach has faced criticism for stifling innovation, with some warning it could push the U.S. behind in blockchain and crypto advancements.

Trump’s recent election win may signal a shift in regulatory direction. During his campaign, Trump promised to replace Gensler, which has further fueled positive sentiment among crypto advocates who view a policy change as essential for fostering growth in the U.S. crypto market.