American politicians & insurance companies buying Bitcoin & Ethereum: Report 

Reportedly the majority of the US politicians were already aware of the real decision on “Bitcoin spot ETF” and also they purchased cryptocurrencies in huge amounts before the approval of Bitcoin spot ETF applications. 

A total of 11 Bitcoin spot ETF applications are currently alive in the US stock exchanges. Two days ago, the United States Securities and Exchange Commission (SEC) green signalled for these applications. Before the approval, no one in the crypto industry was sure whether the SEC would reject or approve. 

According to the latest reports, the majority of the US politicians were aware of the decision and many of them purchased huge amounts of Bitcoin & Ethereum, to gain huge profits in a short period.

On 11 Jan 2024, A X (Twitter) user by the name of Nancy Pelosi shared filing information and exposed that US politicians were buying Ethereum before the last week of Bitcoin spot ETF approval. 

In particular, she noted that Rep. Michael Collins alone bought $65K of $ETH this past week.

Many X users called such activities unethical & noted that they could do so because of the unavailability of the laws & rules for the crypto sector. 

El Salvador, a central American country where bitcoin is a legal tender, president Nayib Bukele responded to the Bitcoin spot ETF approval and said that his country is already on the Bitcoin vehicle before the BlackRock fund manager.

Indian-origin American entrepreneur Balaji also shared his response to Bitcoin spot ETF approval and said that approval was a spiritual reversal of US Executive Order 6102. 

Balaji also compared this situation with digital gold products, which faced huge restrictions in the US but are now available for people under proper rules & laws. 

Now the approval of Bitcoin spot ETF applications is not only an option for institutional investors to invest in Bitcoin but also it will help all insurance companies, fund managers, and retirement account management firms to provide Bitcoin investment via Bitcoin spot ETF products.

Read also: Shockingly, crypto hater SEC boss Gensler was supporter & voter for Bitcoin spot ETF approval