Analysis from political commentators and rankings in major news outlets

Crypto PACs Secure Major Wins in 2024 Elections, Bitcoin Emerges Biggest Winner, Trump Holds Bitcoin

Nov 12, 2024, 08:09 PM

In the 2024 U.S. elections, crypto political action committees (PACs) made significant strides, with 54 out of 58 candidates they supported winning their races. This success underscores the growing influence of the crypto industry in Washington. Crypto PACs invested $238 million into these campaigns, leading to a reshaping of Congress with a majority of pro-crypto lawmakers. Notably, Senate Banking Chair Sherrod Brown was defeated by a crypto-backed candidate, Bernie. The crypto industry spent about $135 million in the election cycle, backing more than 50 candidates, all of whom were declared winners in the November 5 races. Bitcoin emerged as the biggest winner of the election. Additionally, it was revealed that former President Trump holds Bitcoin and wants the United States to adopt it. This marks a major victory for the crypto sector, which aims to establish cryptocurrency as a unique asset class not regulated like traditional stocks and bonds.