BTC Tops $80,000: Tom Lee Stays Bullish On Crypto While Michael Saylor Sees Bipartisan Bitcoin Support

• Bitcoin rebounded on Thursday as investors weighed the U.S. midterm results.
• Democrats won control of both the House and the Senate.
• The crypto industry spent about $176 million across more than 100 midterm races this cycle, Reuters reported last month.

Bitcoin (BTC) rebounded above $80,000 on Thursday as investors weighed the results of the U.S. midterm elections, while crypto industry stalwarts Tom Lee and Michael Saylor struck a positive tone for the apex cryptocurrency.

Lee wrote on X, “Bullish for crypto,” tagging Bitcoin, Ethereum (ETH), Bitmine Immersion Technologies, Inc. (BMNR), and Bitmine’s Series A Preferred Stock (BMNP) shares. Lee serves as the Chairman of the Board for BitMine Immersion.

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Additionally, Saylor, Executive Chairman of Strategy (MSTR), said support for Bitcoin spanned both parties. “Florida elected a Republican governor who backed a U.S. Bitcoin reserve. Texas elected a Democratic senator who voted to create one for his state,” he said, adding “The case for holding Bitcoin crosses party lines.”

Bitcoin’s price was trading at $80,355, up more than 3% in the past 24 hours. It last traded above $80,000 in late October. On Stocktwits, retail sentiment around BTC moved to ‘neutral’ from ‘bearish,’ while chatter around it shifted to ‘high’ from ‘normal’ over the past day.

Democrats Sweep Congress

Democrats won control of both the House and the Senate, the Associated Press reported on Wednesday. Saylor’s point about cross-party support echoed the crypto industry’s own election strategy. The crypto industry spent about $176 million across more than 100 midterm races this cycle as part of a plan to build a bipartisan group of allies in Congress, Reuters reported last month.

However, not everyone saw the results as a bullish case for Bitcoin. Longtime Bitcoin critic Peter Schiff called the rally a misread of the outcome. “Of all the market reactions to the Democratic landslide, the Bitcoin rally is the most irrational,” Schiff said on X.

He expected Democrats to turn against the industry. “A Democratic Congress will take a hostile stance against crypto, which will get worse in 2028 when they have the White House and all the Bitcoin in the Strategic Reserve gets sold,” he said.

Read more: Arthur Hayes Says SpaceX Could Face A Massive Share Supply Shock, Anthropic And OpenAI May Be Next — And Bitcoin And Crypto Will Come Out ‘Glorious’

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