With increasing interest rates as the Fed fights high dollar inflation, the Bitcoin adoption rate in the United States has significantly increased in the past few months. Institutional investors have shown more interest in adding Bitcoin to their balance sheets, as depicted by the recent ETF frenzy. Consequently, political analysts believe that next year’s presidential winner will largely be determined by their standing in the Bitcoin market.
Dem. Robert Kennedy Jr Votches for Bitcoin and Crypto Market
The environmental lawyer and politicians have argued that Bitcoin adoption as a legal tender could significantly help reduce American dollar inflation. Already, the Democratic presidential candidate has purchased some Bitcoins for his children to hold for future returns.
In his latest Bitcoin-related statement, Robert Kennedy highlighted that Bitcoin is not so bad for the environment and such arguments should not downplay the bigger picture of financial freedom.
Notably, Robert Kennedy commented on Daniel Feldman’s, director at Sangha Systems, statement that renewable energy and Bitcoin mining industries are symbiotically connected.
“Contrary to popular media/belief, Bitcoin mining is a solution to improve the electric grid and lessen reliance on fossil fuels. Bitcoin and Bitcoin mining are built for this moment,” Feldman argued.
The United States Securities and Exchange Commission (SEC) has severally stated that Bitcoin is a commodity like precious metals even though the agency has not yet approved any ETF product for institutional investors to tap on.
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