Bitcoin Jumped After the Midterms. Why?

After Democrats swept the midterms, Bitcoin rallied, and Lygos Finance CEO Jay Patel told a podcast that the move reflects macro factors rather than politics. Patel argued Bitcoin is “not a political asset,” noting that earlier sell-offs tied to the “blue wave” have eased because there hasn’t been much legislative action over the prior two years that hurt Bitcoin. He said the outlook depends more on rates, the economy, and government spending, and that Democrats’ ability to damage Bitcoin is likely limited by the congressional balance and gridlock. He also linked the bounce to AI trade dynamics and potential easing of AI capex, reducing competition for capital. The discussion also touched on spending bills being a common ground for both parties.