US Politicians Turn To Crypto Investments Amid ETF Approval

US politicians, who are traditionally focused on stocks and bonds, face insider trading controversies. Recently, a major change occurred when a US representative invested substantially in cryptocurrency, deviating from traditional investments.

This investment happened just before the SEC's approval of the first US Bitcoin ETF, potentially influencing crypto prices. Representative Michael Collins invested $65,000 in Ethereum (ETH), the world's second-largest cryptocurrency, according to a tracking account.

Collins made his Ethereum investments on January 3 and January 8, preceding the SEC's Bitcoin ETF approval on January 10. His total investment in Ethereum now stands at $75,000, with previous purchases made in 2023.

Since his first purchase,Ethereum's value has risen by 59%, with a notable 16% increase in the past week. This surge brought Ethereum's price above $2,600.

There's speculation about a possible spot Ethereum ETF following the Bitcoin ETF approval. Bloomberg ETF analyst Eric Balchunas suggests that the SEC's approval of Bitcoin ETFs could pave the way for Ethereum ETFs this year. He estimates a 70% chance of Ethereum ETF approval by May, given the close price correlation between Ether and Bitcoin.