Pro-crypto US presidential candidate, Robert F Kennedy Jr is enjoying an increasing amount of support from a wide range of high-profile figures and political donors.
The Democratic candidate, who’s known for his influential family ties, and who’s looking to become the world’s most powerful man by replacing Joe Biden next year in the White House, was described on Monday as “inspiring, hopeful and courageous”.
Earlier this month veteran Wall Street legend Omeed Malik took Kennedy to a glitzy dinner in Las Vegas that featured as guests former Secretary of State Hillary Clinton, former Trump economic advisor Gary Cohn, former Secretary of State Mike Pompeo, ex-UK Prime Minister Boris Johnson, former Treasury Secretary Larry Summers and Democratic super donor Marc Lasry.
Twitter founder Jack Dorsey has spoken recently about supporting the presidential candidate. “He can and will,” wrote the Block Inc. CEO, sharing a YouTube clip from Fox News featuring Kennedy explaining how he plans to beat popular Republican presidential candidates Ron DeSantis and Donald Trump.
Many within the crypto ecosystem are now also coming out in backing Kennedy who’s a long-time advocate for digital currencies.
He’s branded Bitcoin as an “innovation engine” and slammed central bank digital currencies as they could “vastly magnify the government’s power to suffocate dissent by cutting off access to funds with a keystroke”.
In addition, Kennedy also rejected and criticised the Biden administration’s proposed tax on crypto mining.
Crypto investors are excited by the potential long-term effects of a pro-crypto US president on boosting values.
One of the primary concerns for the market is regulatory uncertainty. A pro-crypto US president would likely prioritise creating clear and favourable regulatory frameworks for cryptocurrencies and blockchain technology.
This regulatory clarity could enhance investor confidence, attracting more institutional and retail investors to the market and potentially driving up crypto prices over the long term.
A president who embraces cryptocurrencies recognises the potential of blockchain technology beyond digital currencies. Supporting blockchain innovation could lead to advancements in various sectors, such as finance, supply chain management, healthcare, and voting systems.
And such increased investment in blockchain research and development would spur technological breakthroughs, creating new ‘use cases’ and enhancing the overall utility of cryptocurrencies. As blockchain technology becomes more integrated into everyday life, it would, inevitably, drive demand for cryptocurrencies, and, as such, contribute to long-term price appreciation.
The stance of a pro-crypto US president would also significantly influence investor sentiment and market confidence.
Positive rhetoric and supportive policies from the highest levels of government can instil trust and optimism within the crypto community.
This, in turn, may attract a broader range of investors, including institutional players, who previously remained cautious about the market’s regulatory landscape. Increased investor participation and confidence can create positive feedback loops, driving prices upward in the long term.
Of course, the influence of a pro-crypto US president on crypto prices cannot be guaranteed, their supportive stance and policies would, I believe, contribute to a favourable regulatory environment, technological advancements, economic growth, and investor confidence. These factors have the potential to positively impact crypto prices in the long term.
No wonder many in the cryptoverse are backing JFK’s nephew to be the next US President.