Republican Congressman Mike Collins, who was recently re-elected to represent Georgia’s 10th Congressional District, has made a significant investment in Ethereum. According to the platform Quiver Quantitative, Collins has invested nearly $80,000 in Ethereum, a popular cryptocurrency.
In addition to Ethereum, Collins has also reportedly purchased $15,000 worth of Aerodrome (AERO), an automated market maker and decentralized exchange that serves as a central liquidity hub for Base, a layer-2 network on Ethereum launched by Coinbase.
Collins’ disclosure of his Ethereum investment came just three days after Donald Trump’s victory in the U.S. election, which caused a surge in the crypto market. The price of Ethereum, along with Bitcoin, experienced a significant increase following Trump’s win, with Ethereum reaching a high of $2,957 on Nov. 8.
Despite the positive momentum in the crypto market, Ethereum has not yet seen a rally comparable to Bitcoin’s. While Bitcoin reached a new all-time high above $76,000, Ethereum is still nearly 40% below its all-time high of over $4,800 reached in May 2021. It has also not yet reached its year-to-date high above $4,000 reached in March.
Collins is not the first Congressman to publicly disclose his cryptocurrency investments, but his move reflects a growing trend among elected officials in the U.S. to embrace cryptocurrencies. The increasing number of pro-crypto candidates in the U.S. legislative map indicates a shifting attitude towards the crypto industry.
The overall sentiment in the U.S. crypto market is positive, as the industry looks to move past the regulatory challenges posed by the Securities and Exchange Commission (SEC). Under Chair Gary Gensler, the SEC has taken a strict approach to regulating cryptocurrencies, which has been criticized for stifling innovation in the industry.
With Trump’s promise to replace Gensler as soon as he takes office, there is hope for a more favorable regulatory environment for cryptocurrencies in the U.S. The crypto industry is poised to play a significant role in shaping the future of finance and technology, and Collins’ investment in Ethereum is just one example of the growing interest in digital assets among lawmakers.
