I watched the clip of Robert F Kennedy Junior earlier where he mentioned that if elected in 2024 he would back the US dollar with Bitcoin and remove capital gains taxes for those converting Bitcoin to the US Dollar. This is not something we would typically expect coming out of a politicians mouth and it could be part of a spin campaign to guarantee the crypto community votes. Remember by 2024 there should be so many more people in crypto as regulation seems to be opening up after the SEC vs Ripple case.
Cathie Wood from ARKinvest predicts Bitcoin will reach $1.5 million per coin which would make it 2.5 x that of the market cap of gold which is also quite insane when you think about it, but then again it is still possible. My head says $1 million so that is only 50% more and I truly believe that is possible.
The problem is no one knows how much the value can be or if we did we would be the richest people on the planet. In my post yesterday I mentioned Bitcoin was once at 3 for 1 cent and back then thinking it could possibly go to $1 and never thinking even $100 was possible. Investments just don't do this type of thing and here we are thinking can an investment that has already performed miracles do another 50 x.
What if Kennedy Junior gets into power in 2024 and carries through on his promise as you would be crazy not to have Bitcoin. Think of all the other crypto investors who when cashing out would be swapping into Bitcoin to avoid the capital gains taxes. That would be really obvious and the price would be so much higher just because of the need to be able to exchange out with this.
The truth is we are still early and have to keep reminding ourselves how early
with what is still to take place. When we are talking pf prices for Bitcoin that are 50 x higher than they are now what does that say about the rest of crypto as this would be staggering to try and comprehend.
The way crypto is being spoken about these days by a few they are definitely making people stand up and pay attention as you cannot ignore these statements. Even if they are only half right it is not shocking to see why institutions want to get in quickly before they are even priced out of the running. This next Bull cycle is going to be really interesting to see what happens and like always expect the unexpected as crypto is not your normal investment.
Just think a Bitcoin even at $1 million which is only a 30 times from here and not the 50 x Cathie Wood is predicting that would put Hive if everything was relative which it isn't at around $10. We know Hive would be much higher than that but still it is food for thought on why it is important to keep moving forward growing our bags.
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This statement by an US presidential candidate is indeed really remarkable, even more since the people connect rather positive memories to a once loved President from the same family. But question is: How likely is it for him to win and execute this plan 1:1 afterwards? There is certainly the House and the Senate to be asked for their approval and maybe other US institutions too. A lot of hurdles, still I am of your opinion, we should note it as another important step towards mainstream adoption. 👍🏻
Agreed as no harm done here and even if he cannot do what he says it is still positive news.
Keep on growing. It's a good motto and we are in a unique position whereby writing engaging articles and holding our Hive and HBD accelerates that growth.
$1,000,000 per Bitcoin sounds pretty nuts, but who knows where it could end up? I would be surprised if it became more valuable than gold personally but hey it's crypto so it can't be ruled out!
Nothing is off the table when dealing with crypto and think it will surpass gold in the near future. Insane maybe but it can happen.
Probably bullshit in reality but the fact that we see pro crypto candidates running is great for the industry. This is a huge plus compared to a few years ago.
I agree but pro crypto is good news.
I'm more bullish on Bobby than Cathie. Wood has a history of throwing insane predictions every bull market. While I don't believe RFK will be able to back the dollar with Bitcoin, I believe that he will have a word to say in the case of CBDCs if he gets elected.
I don't pay too much attention to what most of the politicians say these days. Especially the ones that aren't even elected into office yet. They are going to say anything they can. It's still to early to know if RFK is going to get the nomination. I will likely change the way I vote this year and lean more towards those who have proven to be crypto friendly.
Yes I can understand that sentiment as why vote for someone who is going to try and screw your investments.
No doubt!
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If a person is to work within this market, he will have to keep a close eye on the news and the way we are seeing the bull market is bound to pull back a little bit more.