The 2024 U.S. presidential election marked a historic shift as crypto became a key campaign battleground. Donald Trump’s early endorsement of digital assets gave him a clear edge, earning massive support from the crypto community and ultimately propelling him to a second term. Meanwhile, Democratic candidate Kamala Harris made last-minute efforts to align with pro-crypto sentiments, but it was too little, too late.
Now, with Trump back in power, the intersection of crypto and politics is more prominent than ever.
Bitcoin in the Senate: Dave McCormick’s Million-Dollar Move
According to U.S. Senate Financial Disclosure data, Senator Dave McCormick of Pennsylvania—formerly the CEO of Bridgewater Associates—is the largest Bitcoin investor in Congress.
In total, he has invested over $1 million in the Bitwise Spot Bitcoin ETF, with significant purchases in both February and March 2025. One notable investment of $65,000–$150,000 came just days before Trump announced plans to establish a Strategic Bitcoin Reserve.
The timing raised eyebrows and sparked conversations about whether McCormick had early insight into the administration’s crypto strategy.
Bitwise ETF Gains Momentum
The Bitwise Spot Bitcoin ETF is quickly becoming a major player in the crypto space. It’s currently trading at $50.96, with a daily trading volume of nearly $58 million. With assets under management now at $3.65 billion, it’s the sixth-largest Bitcoin ETF in the U.S.
For McCormick, investing in crypto wasn’t just about building wealth — it was a calculated political move. His outspoken support for Bitcoin earned him endorsements from top industry figures, including Coinbase CEO Brian Armstrong 
Brian Armstrong
Brian Armstrong is the CEO of Coinbase Global, the biggest bitcoin exchange in the US. He is a former software developer for Airbnb. In 2012, Brian teamed up with Fred Ehrsam and launched Coinbase in San Francisco. Even though co-founder Fred Ehrsam left the company in 2017, he remains a board member and owns 6% of the business.
On April 14, 2021, Coinbase went public through a direct offering on the Nasdaq. Soon it momentarily hit $100 billion in market capitalization. About 19% of company shares are owned by Armstrong.
Quick Facts Full name Brian Armstrong Birth January 25, 1983 in San Jose, California, U.S. Education Bachelor of Arts/Economics, Master of Arts/Science, Rice University Nationality American Martial Status Married Net Worth $11.9B (Refer for real-time) He supports the need for clear regulations and policies for cryptocurrency trading and decentralized transactions. Brian has collaborated with diplomats to formulate the policies. He continues to contribute to the crypto community and blockchain technology.
Brian Armstrong: Timeline of events 2010: Discovered Bitcoin – Read the Bitcoin whitepaper and became interested in decentralized finance.
2012: Co-Founded Coinbase – Launched Coinbase with Fred Ehrsam to simplify Bitcoin buying and selling.
2015: Expanded Coinbase Services – Introduced Coinbase Exchange and support for multiple cryptocurrencies.
2017: Led Coinbase Through Crypto Boom – Scaled operations as Bitcoin surged to $20,000, making Coinbase a top exchange.
2021: Coinbase IPO on NASDAQ – Took Coinbase public (COIN) at a $86B valuation, marking a major crypto milestone.
2022: Advocated for Crypto Regulation – Engaged with lawmakers to promote clear crypto regulations in the U.S.
2023: Launched Coinbase’s Layer-2 ‘Base’ – Introduced Base, a Layer-2 blockchain to improve Ethereum scalability.
2024: Pushing for Global Crypto Adoption, Married to Angela Meng. Year Award/Notable Work Details 2012 Co-Founded Coinbase Built one of the world’s largest cryptocurrency exchanges. 2017 Fortune 40 Under 40 – Technology Recognized for leadership in the crypto industry. 2021 Coinbase IPO on NASDAQ Took Coinbase public with an $86B valuation, a first for a major crypto company. 2021 Time 100 Most Influential People Listed for his impact on mainstream crypto adoption. 2023 Launched Coinbase’s Layer-2 ‘Base’ Introduced a Layer-2 blockchain to enhance Ethereum scalability. Useful Links to Connect With Brian Armstrong Platform Link X (formerly Twitter) https://twitter.com/brian_armstrong LinkedIn https://www.linkedin.com/in/brianarmstrong Coinbase Official Website https://www.coinbase.com Brian Armstrong’s Personal Blog https://brianarmstrong.com EntrepreneurInvestorDeveloper/ProgrammerCrypto and Blockchain Expert 
, and helped push him over the finish line in a tightly contested Senate race.
2025 Is the Year for Digital Assets
In a Senate hearing held in February, McCormick made his position clear: 2025, he said, will be the year digital assets take center stage.
He argued that blockchain technology could boost national innovation, strengthen security, and drive economic growth — a message that resonated with both voters and tech leaders. His remarks signaled that crypto policy is no longer on the sidelines, but part of a larger national agenda.
More Lawmakers Are Buying In
McCormick isn’t the only one going bullish on Bitcoin. Representative Marjorie Taylor Greene also revealed investments in the iShares Bitcoin Trust ETF. Senator Steve Daines had previously held positions in several crypto-related ETFs as well, though he has since sold them.
Together, these moves show that more lawmakers are treating digital assets not just as a trend, but as part of their broader political and financial strategies.
Trump’s early support gave crypto a powerful platform, and with key players like McCormick helping to drive legislation and public conversation, crypto is firmly planted in the mainstream.
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FAQs
McCormick believes digital assets are the future of innovation and the U.S. economy. His investment reflects strong confidence in Bitcoin’s long-term value, especially amid growing political support.
Trump’s early and vocal support for the crypto industry earned him overwhelming backing from the digital asset community, giving him a crucial edge in a closely contested race.
Expect a more favorable environment for crypto innovation—reduced regulatory pressure, strategic reserves like Bitcoin holdings, and increased institutional adoption encouraged by pro-crypto policies.
While not publicly confirmed, it’s likely a mix of profit-taking and precaution ahead of shifting regulatory scrutiny during the transition period before Trump’s win.
