Bitcoin’s popularity is surging in the US amid inflation concerns and the ETF excitement, influencing the presidential race. The environmental impact of Bitcoin as legal tender and its ties to renewable energy are under discussion.
The SEC has classified Bitcoin as a commodity, and approval for ETFs catering to institutional investors is eagerly anticipated.
Surging Interest Rates and High Dollar Inflation: In response to the soaring inflation, the adoption of Bitcoin (BTC) in the US has witnessed a substantial upswing.
Institutional Investors and ETF Frenzy: Institutional investors are showing growing interest in adding Bitcoin to their balance sheets, leading to a frenzy surrounding Bitcoin ETFs.
Political Implications in the Presidential Race: Analysts predict that the presidential candidates’ positions in the Bitcoin market will have a significant impact on determining the winner in the upcoming election.
Robert Kennedy’s View
Environmental lawyers and politicians assert that adopting Bitcoin as legal tender could help mitigate American dollar inflation. The Democratic presidential candidate has already invested in Bitcoin for his children, anticipating favorable returns.
In a recent statement, Robert Kennedy stressed that Bitcoin’s environmental impact should not overshadow the concept of financial freedom. He argues that despite some criticism, Bitcoin’s environmental effects may not be as severe as portrayed.
Interesting argument that bitcoin not so bad for the environment after all. At the very least, environmental argument should not be used as smokescreen to curtail freedom to transact. #Kennedy24https://t.co/0BNbIJ9eoD
— Robert F. Kennedy Jr (@RobertKennedyJr) July 30, 2023
Renewable energy and BTC mining
Robert Kennedy’s noteworthy comment was aimed at Daniel Feldman, the director at Sangha Systems, who strongly believes in the symbiotic relationship between renewable energy and the Bitcoin mining industry. Feldman contends that Bitcoin mining can be a solution to enhance the electric grid and reduce dependence on fossil fuels. He passionately argues that Bitcoin and its mining process are well-suited for addressing current environmental concerns.
“Contrary to popular media and belief, Bitcoin mining is a solution to improve the electric grid and lessen reliance on fossil fuels. Bitcoin and Bitcoin mining are built for this moment,” Feldman argued.
Contrary to popular media/belief, Bitcoin mining is a solution to improve the electric grid and lessen reliance on fossil fuels. Bitcoin and Bitcoin mining are built for this moment.
— Daniel Feldman (@dannyfeld23) July 26, 2023
The SEC’s stance?
The SEC has classified Bitcoin as a commodity, likening it to precious metals. However, it has not yet approved any ETF product, which has limited institutional investors from fully utilizing its potential.
Important:Ā Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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