Robert F. Kennedy Jr., an independent U.S. presidential candidate, raised questions about the recent pro-cryptocurrency stance of GOP nominee Donald Trump. This comes as both candidates vie for the support of crypto-holders at the Bitcoin BTC/USD 2024 conference.
What Happened: Kennedy, who is currently favored by 8% of voters, expressed skepticism about Trump’s newfound support for cryptocurrency. He made these remarks at the Bitcoin 2024 conference in Nashville, Tennessee, where Trump is scheduled to speak on Saturday, Reuters reported.
In his conference speech, Kennedy took a jab at Trump, saying, “President Trump has orange hair… But I have an orange heart,” referring to the color of the Bitcoin logo. He expressed hope that Trump’s commitment to bitcoin is more than just political convenience.
“I hope President Trump’s commitment to Bitcoin is more than political expediency.”
Despite his low polling numbers, Kennedy’s candidacy could have a significant impact on the election if he draws voters away from Trump or the likely Democratic nominee, Kamala Harris. However, Kennedy has yet to qualify for the ballot in many states.
Kennedy also pledged that, if elected, he would instruct the U.S. Treasury to acquire enough Bitcoin to build a reserve similar to U.S. gold reserves, and would make direct ownership of Bitcoin tax-free.
Conference attendees are eagerly anticipating Trump’s speech on Saturday. “Make Bitcoin Great Again” red hats, a play on Trump’s “Make America Great Again” slogan, are being sold at the conference.
Why It Matters: Trump’s recent endorsement of cryptocurrency, despite previously calling it a “scam” in 2021, has been seen as a strategic move to gain support from the crypto community. The Republican Party has been actively courting crypto holders by promising lighter regulations.
Economist Peter Schiff has suggested that Trump’s support for Bitcoin is a political move to gain votes, not a genuine commitment to make it a reserve asset. Schiff also warned that by pursuing cryptocurrency-supporting voters, Trump risks alienating supporters who do not trust the asset’s potential.
On the other hand, analysts from research and brokerage firm Bernstein have suggested that a potential Trump victory in the 2024 elections could significantly shake up the cryptocurrency market. The Bernstein team posits that the market has not accounted for a potential positive shift in cryptocurrency regulations if Trump is reelected in November.
Read Next:
Photo via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
