Key Points
- Bitcoin price above $67,000 amidst intense political support.
- JFK Jr. wants the government to buy $615 billion in BTC; Trump’s campaign raises over $4 million in crypto.
Bitcoin’s price is up by over 4% today, reaching levels above $67,000. Earlier today, the coin reached prices over $67,300.
The bullish move comes amidst strong political support for Bitcoin and the crypto industry.
RFK Jr. Shows Bitcoin Support
In a recent interview, Presidential candidate Robert F. Kennedy Jr. said that he’d push the federal government to buy Bitcoin until the size of BTC holdings matched the nation’s gold reserves.
The US government is the world’s largest owner of gold, about 8,134 tons which are valued at around $615 billion at current prices. Matching this value in Bitcoin would require 9.2 million BTC at current prices.
Kennedy said that that Bitcoin is an honest currency, based on proof of work, and everything is on the ledger, decentralized and this is what democracy needs.
Such a huge Bitcoin allocation would align with Kennedy’s previously announced plans to back both government currency and debt with a basket of hard currencies, including gold, silver, platinum, and BTC as viable investments.
Kennedy said that he wants the federal government to begin buying Bitcoin until the reserves reach the equivalent of gold during his term. If this were to happen, the US would become the largest Bitcoin holder by today’s standards.
On X, Kennedy reposted Michael Saylor’s post about him, highlighting his Bitcoin-related plans in the US.
Trump’s Campaign – Over $4 Million in Bitcoin and Crypto
Meanwhile, according to the latest reports coming from CNBC, Trump’s campaign raised over $4 million in Bitcoin and crypto, according to a campaign aide.
The totals for the Trump 47 joint fundraising committee raised more than $118 million between April 1 and June 30. Crypto billionaire twins Tyler and Cameron Winklevoss led the charge and each of them contributed 15.57 BTC valued at around $1 million at the time of the donation.
It’s also worth noting that Donald Trump will be present at The Bitcoin Conference in Nashville this Saturday, July 27 to deliver the keynote address.
Trump is the first major presidential candidate in the US to accept donations in crypto, and he has been showing his increased support for the industry during 2024.
As CNBC noted, Trump pledged to defend the rights of those who choose to self-custody their coins, meaning that they don’t rely on centralized entities, and instead use crypto wallets.
Brian Hughes, Trump’s senior advisor, said that the crypto industry is “under attack”. He criticized the current administration for stifling innovation with more regulations and higher taxes.
He suggested that Trump is ready to promote American leadership in emerging technologies, including Bitcoin.
