Fueled by the promise of a crypto-friendly administration, bitcoin investors have been pouring money into crypto exchange-traded funds.
Since the election, crypto bulls have invested nearly $10 billion in about a dozen U.S. crypto funds run by big investment firms like Fidelity and BlackRock, according to Bloomberg. That influx of money brings the funds’ combined assets to $113 billion.
Experts say the euphoria surrounding Trump’s second term has already helped push bitcoin to an all-time high of more than six figures last week. Crypto investor optimism was boosted when Trump announced his pick of Paul Atkins, an outspoken advocate for digital assets, to replace crypto skeptic Gary Gensler as chairman of the Securities and Exchange Commission. Trump also announced on his Truth Social network that he had appointed Silicon Valley investor David Sachs as the “White House Czar for AI and Crypto” — another piece of good news for the industry.