Why Bitcoin, MicroStrategy Stock, and Grayscale Bitcoin Trust Soared Today

Bitcoin's price hit a new all-time high above $37,000 on Wednesday after the Democrats picked up two Senate seats in Georgia's runoff elections. Shares of MicroStrategy (NASDAQ: MSTR) and Grayscale Bitcoin Trust (OTC: GBTC) also rose sharply, closing the trading day up 12.1% and 11.5%, respectively.

Georgia's elections effectively gave the Democrats control of the Senate. Combined with their majority in the House of Representatives, the Democrats and President-elect Joe Biden now have a greater ability to implement stimulus measures. 

Bitcoin, MicroStrategy, and Grayscale Bitcoin Trust all hit new all-time highs on Wednesday. Image source: Getty Images.

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Source Fool.com