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American Bitcoin Corp.co-founder Eric Trumpsaid on Wednesday that Bitcoin'slatest spike reflected the new reality of a "split government" after Democrats won both chambers of Congress.
Midterm Results a Bullish Catalyst for BTC?
Bitcoin rose sharply from $77,000 to slightly above $81,000 as Democrats decisively won the midterm elections
During American Bitcoin's third-quarter earnings call, Trump likened the sharp move to shifting congressional control and the resulting political uncertainty.
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"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, called the rally "the most irrational" market reaction to the Democratic sweep, arguing a future Democratic White House would sell the entire Strategic Bitcoin Reserve.
Notably, Bitwise's Ryan Rasmussensaid the election has limited long-term impact as the regulators currently pushing pro-cryptocurrency policy remain in place regardless of Tuesday's outcome.
See Also: Avoid the #1 Investing Mistake: How Your 'Safe' Holdings Could Be Costing You Big Time
American Bitcoin Q3 Financials Disappoint
Trump's remarks came alongside American Bitcoin's third-quarter financial results, 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.
Photo courtesy: Shutterstock
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