Michael Saylor, founder and Chairman of Strategy, the digital asset treasury firm (DAT) that is effectively a proxy for Bitcoin, is putting a positive spin on the midterm election results. While most Republicans have been firmly supportive of digital asset innovation, and most Democrats against it, Saylor posted on X today that Bitcoin support crosses party lines. Saylor stated:
“Florida elected a Republican governor who backed a U.S. Bitcoin reserve. Texas elected a Democratic senator who voted to create one for his state. The case for holding Bitcoin crosses party lines.”
Saylor sees the environment for Bitcoin improving as more retail investors participate in the most popular crypto and institutions normalize its incorporation into the global financial system.
Saylor may need to temper his enthusiasm, though, as it was estimated relatively recently that at most 40% of House Democrats were pro-crypto/Bitcoin and a smaller number of Senators, around 7%, viewed the sector positively. While the GENIUS Act, stablecoin legislation, passed both the House and the Senate, stablecoins are really just an update to the payments system, quicker and less costly for value transfer. Meanwhile, not a single Democrat voted in the Senate to support the CLARITY Act, crypto market infrastructure legislation, killing a bill positioned as vital to US economic competitiveness.
