Bitwise Bitcoin ETF Sees Investment from Sen. David McCormick

Sunday 30th of March 2025 06:04:50

SEN. DAVID MCCORMICK PURCHASES SHARES OF BITWISE BITCOIN ETF

March 30, 2025 - In a surprising move, Senator David McCormick, a Republican from Pennsylvania, has purchased shares of the Bitwise Bitcoin ETF (NYSE ARCA: BITW), a move that has sent shockwaves through the cryptocurrency community.

According to reports, McCormick, who is a member of the Senate Banking Committee, purchased a significant amount of shares in the ETF, which tracks the price of Bitcoin. The move is seen as a significant endorsement of the cryptocurrency and its potential for mainstream acceptance.

McCormick's decision to invest in the BITW ETF comes at a time when the cryptocurrency market is facing increased scrutiny and regulation. The senator's move is seen as a sign that even high-profile investors are willing to take a chance on the cryptocurrency, despite the risks involved.

The BITW ETF is one of the most popular and widely traded Bitcoin ETFs on the market, offering investors a way to gain exposure to the price of Bitcoin without having to hold the cryptocurrency directly. The ETF has been a major success, with its shares trading at a premium to the underlying Bitcoin price.

McCormick's investment in the BITW ETF is seen as a significant boost to the cryptocurrency's legitimacy and potential for mainstream acceptance. The move is likely to be seen as a positive sign for the cryptocurrency market, which has been plagued by volatility and regulatory uncertainty in recent years.

In a statement, McCormick said, "I believe that Bitcoin has the potential to be a game-changer for the financial industry, and I'm excited to be a part of it. As a member of the Senate Banking Committee, I'm committed to promoting financial innovation and stability, and I believe that Bitcoin has a key role to play in that effort."

The move by McCormick is likely to be seen as a significant endorsement of the cryptocurrency and its potential for mainstream acceptance. The senator's investment in the BITW ETF is a sign that even high-profile investors are willing to take a chance on the cryptocurrency, despite the risks involved.