Presidential candidate Robert F. Kennedy Jr., also known as RFK Jr., argues that U.S. policymakers are increasingly recognizing Bitcoin’s inevitability and are rushing to establish a coherent digital asset strategy to maintain America’s financial leadership.
In an exclusive interview with Cointelegraph during the 2024 Bitcoin Conference in Nashville, Tennessee, RFK Jr. elaborated on his experiences with Bitcoin and its potential role in the nation’s monetary system.
Having left the Democratic Party in October 2023 to run as an independent, RFK Jr. reflected on his awareness of Bitcoin’s “transactional freedom” during the trucker strike in Canada.
He described the strike as “a very peaceful protest” where individuals were “exercising freedoms that we take for granted in this country, [like] freedom of assembly, freedom to petition their government.”
He noted that the Canadian government “portrayed it publicly as kind of a terrorist event,” and employed technologies like facial recognition to identify participants and freeze their bank accounts.
“I realized at that time that transactional freedom was as important as freedom of expression that is protected by the First Amendment,” RFK Jr. said.
Over two years later, he observes that U.S. policymakers are acknowledging the presence of 60 million Bitcoin users in the country, prompting a shift in their approach to digital asset regulation.
“I think now it’s past the point where it’s inevitable.
“And now, we need to move as a country that’s able to get some control over Bitcoin as part of a reserve,” he stated.
RFK Jr. believes that establishing a strategic Bitcoin reserve is essential for ensuring the future of the dollar as a permanent global reserve currency.
This move, he suggests, would help the United States retain its economic dominance in an increasingly digital world.
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Bitcoin experienced notable volatility as Wall Street opened on July 31, with markets on edge due to upcoming U.S. macroeconomic events and the end-of-month close.
According to Cointelegraph Markets Pro and TradingView data, Bitcoin reached daily highs of $66,814 on Bitstamp, anticipating the Federal Reserve’s decision on interest rates.
While the CME Group’s FedWatch Tool suggests that the Federal Open Market Committee (FOMC) is unlikely to change rates until September, traders are focused on comments from Fed Chair Jerome Powell.
“We anticipate increased volatility ahead of tonight’s FOMC.
“We do not expect a cut and place higher importance on the statement and Powell’s presser after,” trading firm QCP Capital noted in a bulletin to its Telegram subscribers.
The firm expects a rate cut in both September and December, but warns that any deviation from this expectation could trigger risk-off movements across all asset classes, including cryptocurrencies.
European economic data further underscored potential challenges, with eurozone inflation rising to 2.6%, surpassing the expected 2.5%.
“Core inflation in Europe hit 2.9%, above expectations of 2.8%,” The Kobeissi Letter commented on X, highlighting concerns about rising inflation in the region.
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Amid these macroeconomic developments, major technology stocks faced pressure, with recent earnings reports failing to boost market sentiment.
Keith Alan, co-founder of trading resource Material Indicators, expressed caution, noting the potential for increased volatility as Bitcoin approached its monthly candle close.
He pointed out the significance of the 21-week simple moving average (SMA) at $65,700 as a critical support level.
“Losing the 21-Week MA would open the door to fill some CME Gaps, but at the moment we do have some bid support laddered in the $63k – $65k range,” Alan wrote, emphasizing market anticipation for Powell’s remarks and the monthly close.
Monitoring resource CoinGlass indicated rising buy liquidity around $65,500. Trader Mark Cullen added, “I was expecting Bitcoin to provide us with a bit more of a bounce yesterday, but ultimately I’m still looking for that 63k range low to get swept,” anticipating further volatility with the FOMC rate decision approaching.
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The United States’ rising national debt, now exceeding $35 trillion, is raising alarms about the economy’s health.
Analysts suggest that this growing debt could drive greater adoption of Bitcoin as a safe-haven asset.
Matt Bell, CEO of Turbofish, highlighted the potential for Bitcoin in the face of fiat currency devaluation: “The recent news of the US national debt reaching the record high of $35 trillion highlights growing concerns around the sustainability of traditional fiat currencies.
This situation stresses the importance of Bitcoin as ‘hard money’ — a decentralized and deflationary asset that offers a hedge against currency devaluation.”
Investors often turn to safe-haven assets like Bitcoin and gold during times of fiat currency instability to safeguard their purchasing power. Historical trends show Bitcoin’s value rising during periods of financial distress.
According to Bitfinex analysts, the burgeoning US debt could drive Bitcoin prices to new heights as government bonds lose appeal.
They stated, “The US national debt of $35 trillion highlights the importance of Bitcoin as ‘hard money’ and potentially acts as a catalyst for the next upward cycle in Bitcoin […] This may drive investors to seek alternative stores of value like Bitcoin, which is often perceived as a hedge against economic inefficiencies.”
The analysts also pointed out that a significant portion of the current US national debt is linked to inflation and the ease of printing money.
They noted, “Bitcoin can rightly be called one of the only true hard currencies because it’s protected against inflation to a large degree, has a limited supply, is durable due to its digital nature and is increasingly available.”
Crypto analyst Rekt Capital predicted a possible breakout in Bitcoin’s price in September, saying, “Bitcoin is still on track for a September breakout.
History suggests that a breakout from the ReAccumulation Range mere ~100 days after the Halving was always going to be unlikely.”
As of July 31, Bitcoin’s price had risen over 8.3% in the past month, trading just above $66,000, according to Bitstamp data. Despite this increase, Bitcoin remains 10.5% below its all-time high of $73,750.
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Bitcoin encountered significant selling pressure after the Wall Street opening on July 29, as attempts to reach the $70,000 mark were decisively rejected.
Data from Cointelegraph Markets Pro and TradingView revealed that Bitcoin’s price dropped by 4.5% following a distribution phase.
After a steady climb over the weekend and during the initial Asian trading session, BTC/USD lost steam when Wall Street reopened, falling from a high of $70,016 on Bitstamp to a low of $66,839.
This price movement coincided with a notable transfer from a wallet linked to the U.S. government, involving approximately $2 billion in Bitcoin.
Trader Skew noted, “Transfer went to a fresh wallet by looks of it which typically is the precursor of OTC related auctions,” suggesting potential impacts on supply and price.
Charles Edwards, founder of Capriole Investments, expressed concern over the recurring pattern of government-related Bitcoin distributions affecting price trends.
He commented, “Just when you think all the excess supply dumping is over, the current admin finds another way to screw us.”
Analyzing recent market dynamics, Skew highlighted significant profit-taking at higher price levels, observing, “That push up from spot takers was met with passive spot selling, hence price didn’t sustain above $70K on LTF.”
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The $69,000+ region remains a crucial psychological and liquidity threshold for Bitcoin, echoing its previous all-time high in 2021.
CoinGlass data indicated that while the liquidity above $69,000 remained intact, the price dipped to lower levels to access liquidity.
Skew anticipated further downside, noting bulls’ struggles to stabilize the market. Josh Rager, another well-known trader, cautioned that the market could see a series of lower highs, leading to a potential downtrend.
Trader CrypNuevo speculated on choppy price action ahead of the Federal Reserve’s meeting on July 31, stating, “When there is a big event like this FOMC, markets tend to be choppy until the news comes out.
“Big players step in with caution.
“Not an easy week.”
He also shared a chart suggesting possible Bitcoin price movements around the Fed’s decision.
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In Kyiv, Ukraine, police have arrested four men, aged 24 to 29, for allegedly kidnapping and murdering a 29-year-old foreign national Bitcoiner.
The suspects reportedly planned the attack and executed it around midnight on July 29, according to Kyiv Police.
Residents alerted the police after hearing screams and witnessing the victim being forcibly pushed into a car by several individuals.
The victim was subsequently taken to an abandoned building, where he was coerced into transferring approximately 7 million Ukrainian hryvnias worth of Bitcoin (about 2.55 BTC).
The attackers then strangled the victim and buried his body in a nearby forest.
Kyiv Police stated that the suspects attempted to conceal their crime by altering the car’s appearance and changing its license plates.
After the crime, they converted the stolen Bitcoin into U.S. dollars and euros.
However, they were eventually apprehended by the authorities.
Prosecutors in Kyiv are preparing to charge the four men with murder, robbery, illegal deprivation of liberty by an organized group, and concealment of a crime.
If convicted, they could face life imprisonment.
This incident highlights the dangers that continue to plague the cryptocurrency community.
Notably, in 2022, a crypto millionaire was found dismembered in a suitcase in Argentina, and another individual was murdered with a dumbbell in Bulgaria, with their remains disposed of in a drain.
Bitcoin cypherpunk Jameson Lopp has noted that criminals often identify potential victims through social media, public discussions, meetups, and conferences.
Lopp advises against engaging in peer-to-peer trades with untrusted individuals, flaunting wealth on social media, or wearing crypto-branded clothing.
“The general premise is that if criminals are less aware of you, they are less likely to target you,” he emphasized.
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Digital currency-backed exchange-traded funds (ETFs) are expected to be integrated into “model portfolios” by the end of 2024, according to Samara Cohen, BlackRock’s chief investment officer for ETFs and Index Investments.
In a Bloomberg interview on July 29, Cohen discussed the current state of major financial institutions, including Morgan Stanley, Wells Fargo, and UBS, in relation to onboarding and promoting crypto ETFs.
She mentioned that these institutions are now engaged in risk analytics and due diligence, particularly focusing on Bitcoin (BTC) and Ether (ETH) within their portfolios.
Cohen noted, “What will happen toward the end of this year and into next year is we will see allocations into model portfolios which will give us much more of a steer into how investors are using them.”
Model portfolios, commonly offered by large brokerage firms, are diversified investment strategies that balance risk and return, providing investors with pre-designed templates or “recipes” for investing.
BlackRock anticipates that the management of model portfolios will grow from the current $4.2 trillion to $10 trillion over the next five years.
Earlier in July, Salim Ramji, global head of iShares and index investments at BlackRock, commented on the growing trend, stating, “It’s going to be massive,” and emphasizing the importance of fiduciary advisers in this shift.
Cohen highlighted that Bitcoin and Ether, though distinct in their use cases, serve as “portfolio diversifiers.”
Addressing the recent net outflows from spot Ether ETFs, she expressed no concern, noting the strong initial launch and the role these ETFs play as an “access point” for investors seeking exposure to ETH.
She remarked on the outflows from more expensive funds, such as the Grayscale Ethereum Trust, and noted investor interest in incorporating ETH into broader portfolios within trusted ecosystems.
Cohen also indicated that a spot ETF for altcoins like Solana (SOL) is unlikely in the near future.
Robert Mitchnick, BlackRock’s head of digital assets, echoed this sentiment at the Bitcoin 2024 conference, saying, “I don’t think we’re gonna see a long list of crypto ETFs.”
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Bitcoin‘s recent price movements have been characterized by a pattern of lower highs, with attempts to reach all-time highs being consistently thwarted by sellers.
This pattern has caught the attention of traders, who are monitoring the market closely.
Data from Cointelegraph Markets Pro and TradingView indicates that the $70,000 mark has been a significant resistance level for Bitcoin’s price rebound in July.
Despite hopes among Bitcoin bulls for a return to the $73,800 all-time high reached in March, sellers have kept the market in check.
Traders are now noting this repeated phenomenon, which has resulted in Bitcoin’s price being pushed down within a five-month trading range.
Daan Crypto Trades, a popular trader, highlighted the abundance of liquidity above $70,000, suggesting that stop losses and liquidation levels from short positions are clustered there.
In a post on X on July 30, he noted, “Bitcoin With a couple of lower highs in close proximity of each other. Likely for a lot of liquidity to sit above these levels in the form of stop losses/liquidation levels from shorts.”
Daan Crypto Trades identified $72,000 as a critical level for bulls to surpass, and mentioned potential buy-liquidity below the current price.
According to analysis, if BTC/USD falls below $64,000, this liquidity could become significant.
He predicted, “Seeing it’s also at all time high, I think once we take the June 7th high we’ll break all.” He also pointed out support around $63,000-$63,500, noting that “we got some wicks around $63K-$63.5K which likely got some long stops below.”
Josh Rager, another trader and analyst, expressed disinterest in trading without a clear breakout, stating, “Not much has changed here for BTC… Get a daily close higher and I’ll be interested again.”
Pseudonymous trader Horse on X also questioned the strength of Bitcoin’s recent rise to $70,000, pointing out a lack of spot buyer interest and suggesting that the movement was driven by open interest rather than actual price increases.
He commented, “Market depth has shifted unfavorably across the board… This could just mean the ride upward is a bit more melty and grindy before things get slippery higher.”
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American cryptocurrency investment firm Grayscale has introduced a new investment product, the Grayscale Bitcoin Mini Trust, as a “spin-off” of its existing Grayscale Bitcoin Trust ETF (GBTC).
This new product started trading on the NYSE Arca electronic securities exchange at 8 am UTC on July 31.
The Grayscale Bitcoin Mini Trust is an extension of the spot Bitcoin ETF that Grayscale launched in January 2024, following approval from the United States Securities and Exchange Commission.
The new trust is listed under the ticker “BTC” and is designed to offer investors exposure to Bitcoin.
Grayscale explained that the Mini Trust was created by reallocating 10% of the Bitcoin held by GBTC to the new trust, a process described as involving innovative mechanics of initial seeding.
This spot Bitcoin ETP begins trading with a net asset value per share of $5.84 and $1.7 billion in assets under management as of July 30.
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Notably, the Grayscale Bitcoin Mini Trust is not registered under the Investment Company Act of 1940, differentiating it from most mutual funds.
The firm clarified: “BTC’s distribution event is colloquially known as a ‘spin-off,’ and is a corporate action that is not expected to be a taxable event for GBTC nor any beneficial owner of GBTC shares as of the previously announced record date of July 30, 2024.
Investors are encouraged to consult a tax advisor for related tax guidance.”
David LaValle, Grayscale’s head of ETFs, stated that the Grayscale Bitcoin Mini Trust aims to lower the barrier to accessing Bitcoin within an SEC-regulated investment framework.
John Hoffman, Grayscale’s head of strategic partnerships, noted that this is the first “mini” Bitcoin ETP launched in the US, emphasizing its liquidity, diverse shareholder base, and accessible share price.
He said, “BTC is one of the most efficient tools for investors and financial professionals seeking to add low-cost, long-term exposure to Bitcoin to their investment accounts.”
The Grayscale Bitcoin Mini Trust has a management fee of 0.15%, with additional brokerage fees and other expenses potentially applying.
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The United States Securities and Exchange Commission (SEC) has approved Grayscale’s latest spot Bitcoin exchange-traded fund (ETF), named the Grayscale Bitcoin Mini Trust (BTC), for listing on the New York Stock Exchange’s (NYSE) Arca electronic trading platform.
This development was confirmed in a filing dated July 26.
This approval represents a significant achievement for Grayscale, which recently announced plans to partially spin off its primary Bitcoin fund, the Grayscale Bitcoin Trust (GBTC), into the new Mini Trust.
A Grayscale spokesperson expressed excitement over the SEC’s approval, stating, “Grayscale is excited to share that the [SEC] has approved NYES Arca’s Form 19b-4 application to list and trade shares of Grayscale Bitcoin Mini Trust (proposed ticker: BTC).”
The company awaits the registration statement’s effectiveness, which will enable the Mini Trust to operate as a U.S. spot Bitcoin ETP, alongside GBTC and other funds.
The Mini Trust offers a notably lower management fee of 0.15%, significantly less than the 1.5% annual fee charged by the GBTC fund.
On July 31, Grayscale will allocate 10% of the spot Bitcoin held by GTBC to the Mini Trust.
Current GBTC shareholders will receive shares in the Mini Trust proportional to their existing GBTC shares.
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This transition ensures that GBTC holders will maintain the same amount of spot BTC, but distributed across two separate funds.
Earlier this month, on July 8, Grayscale announced a similar initiative with its Grayscale Ethereum Trust (ETHE), where existing shareholders were granted shares in the newly established Grayscale Ethereum Mini Trust (ETH).
Both GBTC and ETHE funds are among the oldest spot Bitcoin and Ethereum funds in the U.S., having launched in 2013 and 2017, respectively.
The GBTC fund alone manages over $17 billion in assets.
An insider mentioned that this distribution method provides existing shareholders with a tax-advantaged way of transitioning from the legacy fund to the new ETF, potentially offering more flexibility and benefits.
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Bitcoin faced a crucial weekly close on July 28, as the market reacted to recent statements by U.S. presidential candidates regarding cryptocurrency.
Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin’s price stabilized after experiencing volatility linked to the Bitcoin 2024 conference.
The market had been anticipating a possible price surge due to the event.
Notably, presidential candidates Donald Trump and Robert F. Kennedy Jr. both announced plans to establish a strategic Bitcoin reserve of at least 200,000 BTC.
However, the market response was subdued. Charles Edwards, founder of Capriole Investments, remarked on X, “There’s a 65% chance of a US strategic reserve for Bitcoin and you can still buy it for under $70K,” referencing Trump’s election odds.
Trader Daan Crypto Trades suggested that the muted market reaction might be temporary, saying, “Think people are a bit surprised and confused by this timeline.”
He noted that while the market received the news it wanted, there was significant liquidation of long positions before Trump’s announcement, which might have influenced price stability.
Daan Crypto Trades also highlighted the underestimation of the strategic reserve commitments, pointing out that not selling seized coins could eliminate a significant supply overhang.
He stated, “Even if they won’t buy any new coins, just holding their seized coins will rule out a ~$15B supply overhang,” comparing it to the supply pressures from entities like the German government and Mt. Gox.
As the excitement from the conference subsided, traders focused on the upcoming weekly and monthly Bitcoin close. The previous weekly close was near $68,200, leaving uncertainty about the week’s outcome.
Trader MegaWhale Crypto was optimistic, noting, “BTC weekly RSI has broken upward!
“This is a great sign,” but emphasized the need for sustained RSI levels above a downward trend line to confirm the breakout.
Meanwhile, Keith Alan, co-founder of Material Indicators, expressed caution, noting Bitcoin’s ongoing resistance challenges.
Monitoring resource CoinGlass reported that BTC/USD had increased by 7.8% in July, recovering losses from June.
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