Kennedy, a Presidential Candidate, Demonstrates Support for Bitcoin Despite Criticism

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Last Updated on May 20, 2023 by Bitfinsider

At the time of publication, the U.S. government had the most Bitcoin (BTC) in the public domain. Many people think that Bitcoin prices would decline in the future as a result of the government’s intentions to sell the cryptocurrency gradually over the year.

These concerns have made many people in the crypto community pessimistic. However, Robert F. Kennedy’s remarks as a candidate for president may give holders cause for optimism.

Robert expressed his support for Bitcoin at the most recent Bitcoin conference. He further stressed that every citizen has a fundamental right to self-custody and node operation. Additionally, he stated that he would support the regulation of the king currency as a commodity.

Kennedy said during his speech that his first interaction with Bitcoin served as a profound source of inspiration and that he now views it as a key technology for promoting personal freedom.

His awareness of Bitcoin’s use in getting over banking restrictions during the Canadian trucker protest that took place last year served as the catalyst for this insight.

Despite the possibility that his comments could be seen as a political ploy to win over Bitcoin maximalists and cryptocurrency enthusiasts, they have the ability to have a beneficial impact on the public’s opinion.

The acceptance of BTC could be influenced by strong support from well-known candidates in the future. Retail interest in Bitcoin has significantly increased as of the time of this writing. The number of addresses holding 0.01 or more coins has reportedly reached an all-time high, according to data published by glassnode. Despite the significant retail demand, whales still held a sizable portion of the Bitcoin supply.

The majority of BTC is held by addresses with 10-100,000 Bitcoin, according to Santiment’s data. At the time of publication, it was also seen that these big addresses were accumulating Bitcoin.

However, given the high level of BTC concentration owned by institutional investors, whale behaviour may have a greater impact on retail investors.

According to Coinglass’ data, traders have primarily held short positions against Bitcoin over the past month. 50.36% of traders had short bets against the cryptocurrency as of the time of publication.

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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.