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Republican Mike Collins, re-elected to the US House of Representatives in Georgia's 10th congressional district, owns ethereum.
Collins revealed an investment in ethereum (eth) worth almost $80,000, according to the Quiver Quantitative platform. The platform, which tracks the investment purchases and transactions of key public figures, shared this via a x.com/QuiverQuant/status/1854898249619919255″ target=”_blank” rel=”nofollow”>publish in x on November 8.
In addition to ethereum, the legislator also purchased Aerodrome (AERO) worth $15,000. Aerodrome is an automated market maker and decentralized exchange that serves as the central liquidity hub for Base, a Layer 2 network on ethereum launched by Coinbase.
Rep. Collins revealed the eth investment just three days after Donald Trump resoundingly won the US election and sent cryptocurrencies skyrocketing. ethereum price rose alongside bitcoin (btc) as sentiment turned extremely bullish following Trump's victory.
bitcoin hit a new all-time high above $76,000, while eth price rose to highs of $2,957 on November 8.
However, the smart contract platform's native token, which is the largest home of decentralized financial protocols, has yet to recover like btc has. eth is still almost 40% from its ATH above the $4.8K reached in May 2021 and has yet to master a fight to regain its year-to-date high above the $4K reached in March.
While he is not the first congressman to reveal that they hold cryptocurrencies as part of their portfolio, Collins' move suggests a likely new trend as the cryptocurrency industry makes a mark on the US legislative map with the largest number of candidates elected in favor of cryptocurrencies.
Sentiment towards the US crypto market is also largely positive, as the industry seeks to leave behind the negative approach to regulation through enforcement by the Securities and Exchange Commission.
The SEC, under Chairman Gary Gensler, has for the past four years supported a crackdown that critics said threatened to push the United States to the back of the line in terms of cryptocurrency and blockchain innovation.
Trump promised to fire Gensler immediately after taking office.
