With the upcoming US presidential elections less than four months away, the tension and anticipation are palpable. The list of candidates includes the Republican nominee Donald Trump, the Democratic candidate Kamala Harris, the independent Robert Kennedy, and various others. Recent polls indicate that Trump and Harris are the front-runners, each garnering over 40% of the voters’ support, while Kennedy lags behind with less than 10%.
Speculations abound regarding how the outcome of the US presidential elections could impact the cryptocurrency market, specifically Bitcoin. If Trump secures the presidency, his pro-crypto stance could lead to a positive influence on the market. Conversely, the victory of his opponent, Harris, might have an adverse effect, assuming she follows a path similar to the current administration. But what if the underdog Kennedy emerges victorious and becomes the 47th President of the United States?
The AI-powered chatbot, ChatGPT, delved into the potential implications of a pro-bitcoin President, particularly focusing on Kennedy. Despite Kennedy’s low polling numbers, if he were to win, ChatGPT suggests that Bitcoin’s price could experience an upward trajectory. Kennedy has expressed support for cryptocurrency, proposing pro-bitcoin policies that could boost market sentiment and confidence in cryptocurrencies. He plans to enforce regulations that facilitate Bitcoin’s growth and empower individuals to control their digital assets.
Kennedy’s affinity for Bitcoin goes beyond political rhetoric; he is also an investor in the cryptocurrency. Following the Bitcoin conference in Miami in May 2023, Kennedy revealed that he had purchased two Bitcoins for each of his seven children. At the time, Bitcoin was valued at around $27,000, indicating that Kennedy invested approximately $380,000 in acquiring the 14 BTC. With the current value of Bitcoin nearing $900,000, Kennedy’s investment has yielded a significant return.
During the Bitcoin 2024 event in Nashville, Kennedy disclosed that over 30% of his wealth is allocated to Bitcoin. This substantial investment demonstrates Kennedy’s confidence in the long-term viability and potential growth of the cryptocurrency market. Despite the speculative nature of his presidential candidacy, Kennedy’s commitment to Bitcoin underscores his belief in the digital asset’s value and utility.
The possibility of a pro-bitcoin President, such as Robert Kennedy, entering the White House could have far-reaching implications for the cryptocurrency market. While the likelihood of Kennedy securing the presidency remains uncertain, his support for Bitcoin and proposed policies signal a potential shift in the regulatory landscape. Investors and industry players are closely monitoring the US presidential elections, recognizing the pivotal role they could play in shaping the future of cryptocurrencies like Bitcoin.