Following the conclusion of the recent U.S. election, cryptocurrencies have emerged not just as financial tools but as symbols of political stances.
The election period witnessed candidates from various political backgrounds taking clear positions on virtual currencies. A notable example is Robert F. Kennedy Jr, who was selected by Donald Trump as the U.S. Health Secretary.
On a recent X post (formerly Twitter), Kennedy shared his view:
“Bitcoin represents freedom and serves as a protection against inflation.”
He highlighted its importance for middle-class Americans as a hedge against the declining global status of the dollar and a potential remedy for the nation’s increasing debt.
RFK’s Consistent Bitcoin Advocacy
It is worth mentioning that Kennedy has been a vocal supporter of Bitcoin [BTC] for some time now. In a recently resurfaced video, he reiterated his dedication to the cryptocurrency, identifying himself as a ‘strong advocate’.
He also mentioned that following his attendance at a Bitcoin conference, he decided to:
“Invest the majority of my assets in Bitcoin, demonstrating my full commitment.”
Kennedy’s endorsement of Bitcoin highlights its changing role beyond just financial transactions to being a fundamental part of his policy advocacy.
A Potential Bitcoin-Endorsing President?
Kennedy is not alone in the realm of global politics in embracing cryptocurrency. Polish presidential hopeful Slawomir Mentzen has also displayed support for Bitcoin.
In a post on X, Mentzen expressed his ambition to turn Poland into a leading hub for cryptocurrencies, stating:
“If I am elected President of Poland, our nation will be a cryptocurrency sanctuary.”
He outlined plans to realize this objective, pledging minimal taxes, regulations that welcome cryptocurrencies, and collaboration from financial institutions. Personally and politically committed, Mentzen owns over $3 million in BTC.
Notably, his proposal to establish a strategic Bitcoin reserve echoes discussions about similar policies in the United States, indicating the increasing appeal of cryptocurrencies as geopolitical assets.
Bitcoin Surpasses Saudi Aramco
On another front, Bitcoin has sustained its remarkable surge and recently exceeded the $90,000 mark. This surge in value has propelled it to become the seventh-largest asset globally based on market capitalization.
Recent data from CompaniesMarketCap indicates that Bitcoin’s market capitalization of $1.79 trillion has surpassed that of the oil conglomerate Saudi Aramco, which held a market cap of $1.78 trillion at the time of reporting.
This achievement follows Bitcoin’s recent milestones of outperforming Meta and Silver.
So, the question arises: When will Bitcoin overtake Alphabet, the parent company of Google?
The Crypto Market Cap Calculator estimates that Bitcoin would need an average price of $110,000 to achieve a market cap of $2.17 trillion, thus surpassing Alphabet. The timing of this event remains uncertain.
Nevertheless, Bitcoin’s soaring value and expanding political significance underscore that it is no longer merely a cryptocurrency; it is transitioning into a significant player on the global stage.