Robert Kennedy Jr, candidate for President of the USA, recently stated that Bitcoin represents the alternative to the brutal practice of printing money, as an anti-inflationary currency.
Kennedy praised cryptocurrency as a “strong” currency, capable of guaranteeing financial freedom to those who use it.
Meanwhile BTC unleashes in the market and goes on to open the week marking a new local high.
All the details below.
Summary
Robert Kennedy Jr, candidate for President of the United States, supports Bitcoin as an anti-inflation currency
On Thursday, February 29, in an interview with CNBC, the presidential candidate of the United States Robert Kennedy Jr, spoke about Bitcoin praising the cryptocurrency for its technology and financial peculiarities.
In particular, the politician, son of former US Attorney General and Senator Robert F. Kennedy and nephew of former President John F. Kennedy, emphasized the benefits that it can offer to the middle class, as a tool capable of fighting inflation.
As an alternative to the “money printing machine,” Bitcoin presents a deflationary internal economy, with a maximum predefined supply (21 million BTC) and a issuance of new coins tending towards zero.
In the USA, inflation has been a hot topic in recent years, with the effects of the quantitative easing of the 2020-2021 biennium favoring a devaluation of the US dollar index throughout 2022 and part of 2023.
Currently, inflation in the country is at 3.1% while the FED is trying to contain the damage through restrictive monetary policies.
The interest rates for treasury securities range between 525 and 550 basis points.
Furthermore Kennedy, who has already shown his sympathy for the world of cryptocurrencies in the past, explained during the interview that national governments are constantly trying to control the daily lives of their citizens, especially in the financial sector, and that Bitcoin could be the solution to all of this.
In particular, speaking about the topic, the candidate referred to the event of the Freedom Convoy of 2022 in Canada, expressly stating that:
“When truck drivers disobeyed, when truck drivers protested peacefully, their bank accounts were closed and they couldn’t pay their mortgages, they couldn’t pay their expenses, they couldn’t pay for their children’s education.”
Even though months later these actions (Emergencies Act) were considered unconstitutional by the Federal Court of Canada, the fact remains that in these delicate situations Bitcoin plays a fundamental role.
The middle class is the one that benefits the most from the trustless and permissionless characteristics of digital currency, as a weapon against the imposition of the bourgeois class.
We remember that Robert Kennedy Jr owns some BTC and donated some coins to his children last year.
In October 2023, the same candidate promised that if elected president of the United States, he will protect and support the Bitcoin community, even considering a possible form of digital gold reserve.
These are his words in an old interview:
“I will ensure that bitcoins are protected, that people can keep their wallets, that the current White House war on bitcoins ends, and that transactions are protected and encouraged.”
Bitcoin opens the week marking new local highs: there is fomo in the market
While presidential candidate Robert Kennedy Jr publicly glorifies Bitcoin as an anti-inflation and anti-oppression resource, the currency starts the week with a bang by registering another price increase phase.
This morning the cryptocurrency officially broke the $65,000 threshold, marking a higher local maximum than the one reached last week, and getting closer and closer to the all-time high of November 2021.
It’s official: the market is in FOMO.
The Bitcoin rally began in October 2023, as soon as the excitement before ETF spot was felt, leading to an explosion of institutional demand when the financial instrument was approved by the SEC of the United States.
At the moment, the merit of the price action so bullish for Bitcoin is precisely due to the ETFs of BlackRock, Ark, Fidelity, Bitwise and company, which daily rake coins on the market leaving little freedom on the supply side.
On this note, last week, out of the 6,160 new BTC created by the network, 30,029 were purchased by Wall Street, leading to a drastic reduction in OTC desk reserves.
The daily chart of Bitcoin is so bullish that it speaks for itself.
Now, with an open interest of 17 billion dollars and a heavily skewed funding rate in favor of buyers (+0.12% on Okx and +0.14% on DyDx) it is likely that the bulls will still maintain control, at least until the short-term structure is invalidated by a bearish break below $65,000.
Given the speculative nature of the market, we could expect flash crashes and brutal corrections on shorter time frames, but generally the path towards all-time highs should be clear.
It is not excluded that we could reach over $69,000 already by this week.
