LONDON (Reuters)

Donald Trump’s second term as U.S. president will draw a lot of investment into crypto, the CEO of Coinbase told a panel discussion at the World Economic Forum in Davos.

“The Trump effect cannot be denied. To have the leader of the largest GDP country in the world come out undeniably and say that he wants to be the first crypto president,” said Brian Armstrong, CEO of Coinbase.

Legislation in Congress will bring a lot of new investment to cryptocurrencies, Armstrong said, adding that bitcoin’s recent all-time high was largely due to Trump’s inauguration.