Eric Trump Likens Bitcoin's Latest Spike Above $81,000 as 'Almost Like a Flight to Security' After Democrats Take Congress
American Bitcoin Corp. co-founder Eric Trump said on Wednesday that Bitcoin’s latest spike reflected the new reality of a “split government” after Democrats won both chambers of Congress.Midterm Results a Bullish Catalyst for BTC?Bitcoin as Democrats decisively won the midterm electionsDuring American Bitcoin’s , Trump likened the sharp move to shifting congressional control and the resulting political uncertainty.“I think factoring in that maybe with a split government, with the House and Senate obviously different from the executive branch, it’s actually almost like a flight to security,” he argued. “So obviously government and obviously politics weigh in on this in some way, shape or form.”Schiff Labels Rally ‘Irrational’Economist Peter Schiff, however, to the Democratic sweep, arguing a future Democratic White House would sell the entire Strategic Bitcoin Reserve.Notably, Bitwise’s Ryan Rasmussen said the as the regulators currently pushing pro-cryptocurrency policy remain in place regardless of Tuesday’s outcome.American Bitcoin Q3 Financials DisappointTrump’s remarks came alongside , with the company reporting net income of approximately $126 million, compared with $3.5 million in the year-ago quarter. However, the profit was significantly boosted by a $197.34 million gain on digital assets. The company also recorded a $64.28 million loss on derivatives.Revenue declined 1.35% year-over-year to approximately $63.35 million and below the $74.02 million analysts expected.The company increased its holdings by 425 Bitcoin in the third quarter, representing a 5% rise.American Bitcoin currently holds 8,427 BTC, worth $667 million, making it the 13th-largest corporate BTC holder, according to BitcoinTreasuries.net.Price Action: As of this writing, BTC is up 2.60% in the last 24 hours to $80,370, according to Benzinga Pro.American Bitcoin shares are up 2.40% in overnight trading after closing 5.60% lower at $6.24 during Wednesday’s regular trading session.Benzinga’s Edge Stock Rankings indicate that ABTC has underperformed with a weaker price trend across short-, medium-, and long-term timeframes.https://www.benzinga.com/quote/CRCLThis content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.Preview Photo courtesy: Shutterstock