The current value of Bitcoin as of today is $27,733.51 USD, with a trading volume of $10,185,805,282 USD in the past 24 hours. Over the same period, Bitcoin’s value has increased by 0.58%. It holds the top spot in CoinMarketCap’s ranking with a market cap of $540,929,613,218 USD, and there are currently 19,504,550 BTC coins in circulation, with a maximum supply of 21,000,000 BTC coins.
Robert F. Kennedy Jr., who is running for the upcoming Presidential elections, has voiced his support for Bitcoin on multiple occasions and has recently pledged to safeguard it if elected as President.
#Bitcoin is on the path to matching gold as a reserve store of value.
If you look at market caps,
This would put 1 $BTC at $600,000
22.6x gains from the current price.
Bullish pic.twitter.com/duNRabtFhX
— S.eth (@SageBlueprints) October 5, 2023
Kennedy’s Vision for Bitcoin: A Look into His Plans for the Future
During an interview, the Presidential Candidate stated that he aims to put an end to the current White House’s negative stance towards Bitcoin. The government’s policies against cryptocurrencies have been seen as restrictive towards the industry and its participants, but Kennedy intends to change that by safeguarding people’s wallets and transactions, which could promote the use of Bitcoin and other crypto tokens. Interestingly,
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— DARK HARMONY (@Harmony_973) October 4, 2023
Kennedy is not only a Bitcoin enthusiast but also has significant investments in the token, up to $250,000 worth of BTC holdings. He also intends to treat Bitcoin as a currency rather than a commodity to prevent it from being subjected to capital gains taxes. Kennedy had previously expressed his plans to back the US dollar with BTC and make the conversion of BTC to the US dollar free from capital gains taxes under his administration.
Unpacking the Complex Relationship Between Cryptocurrency and Politics
With the upcoming Presidential election next year, cryptocurrencies have become a prominent topic. Both Democratic candidate Kennedy and Republican candidate Ron DeSantis have expressed their plans to end the “war” on Bitcoin and protect people’s right to own cryptocurrencies. DeSantis believes that the current administration sees cryptocurrencies as a threat due to their decentralized nature.
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However, some are sceptical if these candidates are just trying to gain the support of the pro-crypto US voters without any real intention to implement crypto-friendly policies. Despite this, a former SEC attorney suggests that the regulation of cryptocurrencies in the US may be influenced by politics, and there could be a higher chance of a crypto-friendly regulatory atmosphere if a Republican candidate is elected.
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