updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131The CLARITY Act reverted to active attention in the U.S. Senate as legislators came under increasing pressure to renew stall crypto laws. The focus has been directed on whether the bill will be able to progress out of committee ahead of the January window. CLARITY Act Gains Traction as Senate Plans Markup The CLARITY Act
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]]>Robert Kennedy Jr., also known as RFK Jr., pushes massive bullish momentum into Bitcoin, calling the top crypto the “currency of freedom.” His comments came in support of Howard Lutnick as US Treasury Secretary. President-elect Donald Trump nominated RFK Jr to serve as United States Secretary of Health and Human Services (HHS).
Robert F. Kennedy Jr. continues to advocate for BTC and express strong support for President-elect Donald Trump’s pro-crypto plans. He said “Bitcoin is the currency of freedom” and emphasized the hedge against inflation use case for middle-class Americans.
“Bitcoin is the currency of freedom, a hedge against inflation for middle class Americans, a remedy against the dollar’s downgrade from the world’s reserve currency, and the offramp from a ruinous national debt.”
The statement came in response to debates on who will Trump nominate for the Treasury Secretary position. Robert Kennedy Jr believes Bitcoin will have no stronger advocate than Howard Lutnick, chairman and CEO of Cantor Fitzgerald and BGC Group.
According to Polymarket data, Scott Bessent has a 38% chance of getting nominated as US Treasury Secretary. Meanwhile, the odds of Trump selecting Lutnick jumped to 34%.
Robert Kennedy Jr. also supported building a strategic Bitcoin reserve by the United States to reduce the ever-rising US debt crisis. RFK Jr. has put most of his wealth into BTC and has advocated for it even before Trump.
Meanwhile, Poland Presidential candidate Slawomir Mentzen has proposed creating a strategic Bitcoin reserve in the country if he is elected. He claimed to have been a BTC investor since 2013 and followed the idea of Donald Trump to build a strategic reserve.
Robert Kennedy Jr. supports Howard Lutnick as he is the DOGE founding member. Elon Musk and Vivek Ramaswamy were nominated to lead The Department Of Government Efficiency (D.O.G.E.). Billionaire tech mogul Elon Musk has supported Lutnick over Bessent for Trump’s Treasury Secretary.
Dogecoin price may witness another massive rally if Lutnick is nominated by Trump. DOGE saw a 160% rally in two weeks, with the price currently trading at $0.375. CoinGape analysis of Dogecoin price indicates a move toward $1.35 on bullish patterns.
Also, BTC price trades over $91K as the crypto community awaits Donald Trump to declare Treasury Secretary of his administration. The anticipation of BTC price hitting $100K this month continues to build up.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
During the industry day of the annual Bitcoin conference in Nashville, Tennessee, Robert Kennedy Jr., an independent candidate for the US presidency, unveiled an ambitious financial policy plan that could transform the United States into the world’s largest holder of Bitcoin. The policy centers on the strategic acquisition of Bitcoin, valued at $619 billion, to match the current US gold reserves. This move, according to Kennedy Jr., is aimed at redefining monetary policy and enhancing fiscal discipline within the federal government.
During a roundtable discussion with Scott Melker and Caitlyn Long, CEO of Custodia Bank, Kennedy Jr. emphasized the philosophical alignment between his policies and the Bitcoin community’s ideals of personal freedom, property rights, and governmental integrity. “This is more than about increasing the size of your pile,” Kennedy Jr. said, underlining Bitcoin’s potential to enhance self-sovereignty and counteract what he describes as a “destructive war economy” driven by fiat currency.
“Bitcoin is not only an offramp to this inflationary highway which is the highway to hell, but it also is a way of restoring integrity to our government. It’s a way of restoring personal freedoms, it’s a way the middle class can isolate itself from inflation which is just a form of government theft,” the independent candidate stated.
Kennedy Jr. drew a contrast between his consistent advocacy for Bitcoin and the recent supportive gestures from former President Donald Trump, who will speak at the conference on Saturday. Kennedy pointed out Trump’s prior skepticism and his recent controversial decision to potentially appoint JPMorgan CEO Jamie Dimon as Treasury Secretary, which Kennedy criticized as contrary to the ethos of draining the political “swamp.”
He added, “President Trump also was connected with Steve Mnuchin who tried to end person-to-person Bitcoin transactions,” emphasizing the need for a cautious approach towards Trump’s newfound enthusiasm for Bitcoin.
Moreover, Kennedy Jr. detailed his plan to incrementally integrate Bitcoin into the US treasury. Starting with the issuance of treasury bills anchored to a basket of hard currencies—including platinum and gold—Kennedy proposed a phased approach that would begin with 1% of new treasury issuances backed by these hard assets, scaling up to 100% over time.
“I would be willing to add Bitcoin to the balance sheet. I’m going to do that. I’m gonna actually do a basket of hard currencies of maybe platinum and gold and other hard currencies and begin issuing at least the class of treasury bills that are anchored to hard currency. Let’s say the first year by 1% and then maybe the next year by 2% to watch how that goes because that will inject discipline into the product and ultimately get up to 100%,” Kennedy Jr. explained.
Notably, his strategy would involve direct purchases of Bitcoin to achieve holdings equivalent to the US gold reserves. “I would like to have the federal government begin to buy Bitcoin and over the term my term of office ultimately have an equivalent amount of Bitcoin that we have gold. Because Bitcoin is an honest currency, it’s a currency that’s based upon proof of work,” he declared.
According to data by Arkham, the US government currently holds 213,239 BTC worth $14.3 billion confiscated through law enforcement. That means, even if Kennedy would transfer all of these into a strategic reserve, the US would need to buy much more BTC at current prices.
The US currently holds the largest official gold reserves in the world, with 8,134 tons of gold valued at approximately $619 billion. To match this value with Bitcoin at current prices would require purchasing about 9.4 million BTC. This acquisition would represent nearly 45% of the total 21 million BTC that will ever be mined.
For perspective, MicroStrategy, the largest corporate holder of Bitcoin, owns 226,331 BTC, and BlackRock, the largest spot Bitcoin ETF manager, controls 334,000 BTC.
At press time, BTC traded at $66,976.
Featured image from YouTube, chart from TradingView.com
Taking the debate around having freedom to hold Bitcoin forward, US presidential candidate Robert F Kennedy Jr has ramped up his support for the cryptocurrency, asserting its value as an instrument of civil liberties. This comes at a crucial time when the mainstream industrial players like Blackrock are forcing US regulators to provide further regulatory clarity in the crypto market.
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Kennedy’s support for Bitcoin is rooted in his longstanding advocacy for civil liberties. The presidential candidate firmly believes that Bitcoin can serve as a guarantee of such freedoms. RFK said;
“I am a long life defender of civil liberty; Bitcoin is both an exercise and a guarantee of those freedoms.”
Further cementing his pro-crypto stance, Kennedy had previously promised to exempt the cryptocurrency from capital gains taxes should he be elected. During the Miami-based Bitcoin Conference held from May 18 to 20 this year, the Democratic candidate spoke favorably about Bitcoin and its potential. After the conference, he further demonstrated his commitment to cryptocurrency by purchasing two bitcoins for his seven children.
However, Kennedy’s claims about his Bitcoin investments have been a subject of contradiction. He had previously said he was not an investor in the cryptocurrency. This statement contradicted a financial disclosure form dated June 30, which revealed that Kennedy owned between $100,001 and $250,000 of the cryptocurrency. The campaign initially explained the discrepancy by attributing the holdings to RFK’s wife but later clarified that the assets belonged to the candidate.
The presidential candidate’s support for the cryptocurrency has drawn attention in the context of the coin’s current market performance. Bitcoin price is $25,905.19, with a 24-hour trading volume of $10,657,011,127. Despite a minor dip of 0.23% in the last 24 hours, BTC maintains its top ranking with a market cap of $504,241,296,738.
The impact of political figures like Kennedy on the future of Bitcoin remains to be seen, but the cryptocurrency’s presence in mainstream political discourse is undeniable.
Also Read: XRP Lawyer: Coinbase May Have Acquired Ripple Too?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
According to Kennedy, backing the dollar with Bitcoin would help stabilize the economy. Kennedy has also spoken against anti-Bitcoin laws.
Robert F. Kennedy Jr. announced he would back the US dollar with Bitcoin (BTC) if he wins the next election and becomes the president of the United States. The Democratic candidate spoke at Wednesday’s Heal-the-Divide PAC event, expressing his opinion on balancing the American economy.
Kennedy believes “hard assets”, including Bitcoin, would help. The presidential aspirant says the plan would be to start slowly, backing 1% of all issued Treasury bills using Bitcoin, platinum, silver, or gold.
“Backing dollars and US debt obligations with hard assets could help restore strength back to the dollar, rein in inflation and usher in a new era of American financial stability, peace and prosperity.”
As part of his plans for Bitcoin when he becomes president, Kennedy also said he would create tax exemptions for Bitcoin. The aspirant said all Bitcoin conversions to the US dollar would not be liable to capital gains taxes. He believes doing this would encourage investors to keep their investments and related businesses in the US instead of moving them to crypto-friendly countries like Switzerland.
Robert Kennedy’s declaration of official support for Bitcoin and related tax exemptions ties into his previous comments about his campaign. At the Bitcoin 2023 conference in Miami, the presidential candidate announced to attendees that he is open to receiving Bitcoin donations.
Kennedy spoke at the conference, saying that Bitcoin has a definite link to democracy and freedom, and touted the king coin’s power, durability, and flexibility. The candidate likely attended the conference to appeal to the crypto community and is now announcing pro-Bitcoin regulations to pull the community closer.
In a Twitter thread posted on May 3, Kennedy criticized the US government for its anti-crypto position. According to Kennedy, because Bitcoin and digital assets are a “major innovation engine”, the government’s position will “hobble the industry and drive innovation elsewhere”.
Furthermore, Kennedy specifically tackled the earlier proposed 30% tax on crypto mining, which was later suspended. Although Kennedy admits that Bitcoin mining presents energy concerns, he believes the energy use might be “somewhat overstated”. The presidential candidate also added that it is unfair to stifle the crypto sector over energy use because “bitcoin mining uses about the same as video games”. He believes the real reason for going after crypto is because it “threatens elite power structures”.
In addition to energy concerns, Kennedy defended Bitcoin and cryptocurrencies against arguments about criminal use. While conceding that criminals may use crypto to shield illicit transactions, he argued that ordinary citizens and dissidents also want privacy. Crypto makes it difficult for the government to punish dissidents by freezing their bank accounts and other payment platforms.
In a May interview, Kennedy also criticized the United States Securities and Exchange Commission (SEC) for going after the crypto industry. He said the SEC now protects banks and no longer serves its original purpose of safeguarding Americans. He then added that the SEC should only consist of neutral and pro-crypto people, and should not have anti-crypto officials as members.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Crypto News: In a surprising turn of events, Elon Musk, the eccentric billionaire and Dogecoin fanatic, has extended an invitation to 2024 presidential candidate Robert F. Kennedy Jr. for a Twitter Spaces interview. This move comes after the billionaire Tesla CEO had a similar session with Florida Governor Ron DeSantis to kickstart his presidential campaign.
The scion of the Kennedy political dynasty, Robert F. Kennedy Jr., has embarked on a longshot campaign for the Democratic nomination for president. A staunch Bitcoin supporter, the 69-year-old presidential hopeful has raised eyebrows in the crypto space with his outspoken affection towards cryptocurrencies and criticism of government-backed central bank digital currencies (CBDCs).
Known for his anti-establishment and anti-vaccination stance, Kennedy has now added his opposition to CBDCs to his political repertoire. His latest quote on the matter expresses concern over the government’s potential control and surveillance over US citizens, stating:
That is why I oppose CBDCs, which will vastly magnify the government’s power to suffocate dissent by cutting off access to funds with a keystroke.
Read More: Renowned Economist Predicts Federal Reserve To Skip June Rate Hike
Elon Musk, who is a prominent figure in the crypto community and has often expressed his affinity for the meme currency Dogecoin, has shown keen interest in the upcoming U.S. elections. Some speculate that Musk’s recent requests for Twitter Spaces interviews with political figures are part of an image-cleaning process, allowing him to demonstrate impartiality by engaging with candidates from both major parties.
Would you like to do a Spaces discussion with me next week?
— Elon Musk (@elonmusk) June 2, 2023
While Musk’s invitation to Robert F. Kennedy Jr. holds promise for an engaging discussion on the intersection of cryptocurrency and politics, there hasn’t been any response from either Kennedy or his team. In the wake of this crypto news, the community eagerly awaits a potential response from the Democratic candidate, as it could shed further light on his stance on digital currencies and the broader implications for the financial landscape.
Also Read: ChatGPT Under Radar Over Privacy Concerns In Japan
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The former US Department of Justice Attorney General Robert Francis Kennedy Jr, recently lamented the growing financial censorship worldwide and showed support for Bitcoin.
The financial censorship of political enemies is something we’re used to seeing under authoritarian regimes. No one was surprised when Russia froze more than 100 bank accounts tied to opposition leader Alexei Navalny. But Canada did it too, locking more than 200 accounts of…
— Robert F. Kennedy Jr (@RobertKennedyJr) May 5, 2023
According to Kennedy Jr, the major victims are political enemies of most governments that he classified as “authoritarian regimes.”
In his Twitter post, Kennedy stated that the trend in this financial prohibition is evident in several countries globally. In 2019, Russian authorities froze over 100 bank accounts related to the opposition leader Alexei Navalny. Though the authorities stated that the action aligned with a money laundering investigation, many citizens believed it was politically inclined.
Last year, Canada froze over 200 accounts of people and firms connected to the protests in Ottawa against Covid-19 mandates.
According to the reports, Royal Canadian Mounted Police (RCMP) froze several financial products, which included bank and corporate accounts. Also, it froze a payment processing account with a valuation of about $3.8 million.
After citing these instances, the environmental lawyer stated that financial censorship is gradually creeping into the United States. This means a person’s account could be frozen due to his comments on social media or political stance.
Kennedy Jr cited the incidents in 2010 when PayPal, Mastercard, and Visa suspended an NGO and whistleblowing platform, WikiLeaks, that exposed big corporations and government institutions of unethical acts. Notably, the suspension was through the command of the US State Department.
The central banks of countries manage Central Bank Digital Currencies (CBDCs). This means that the government will control the financial accounts of all residents in a country that runs CBDC.
Kenndy Jr believes CBDCs could magnify a government’s power to suppress meaningful political dissent. The authorities could decide to cut the financial access of some individuals just because of political statements and opinions.
The lawyer noted that a meaningful dissent should include people’s ability to save and use their finances without political interference. It should be about maintaining the proper political protection from powerful personal interests regarding democracy.
But citizens’ meaningful dissent is at risk with the adoption of CBDCs and their power to the government. As such, Kennedy Jr supported Bitcoin, stating that the crypto asset would allow anyone to operate financially without government interference.
In his words, Bitcoin is a lifesaver that enables people’s free global movement and actions.
Featured image from Pexels and chart from Traidngview.com
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