RFK Jr. Is Either A Visionary Pioneer Or A Daring Daredevil

Amidst the negative coverage of El Salvador's President and Bitfinex hacks, RFK Jr.'s advocacy for Bitcoin stands out.

Bitcoin price: $29,964

Date range: July 17-23, 2023

Bitcoin Perception Index (BPI): 20 - leaning towards fear

Main coverage: Regulation, Market performance, Scams and Illegal Activities, Political context of Bitcoin (source)

This week's spotlight: Fortune

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Weekly snapshot

Main topics of the week

1. Bitcoin Regulation

The topic of regulation was discussed in several articles, with a focus on the potential approval of Bitcoin exchange-traded funds (ETFs) that carried over from the Blackrock news; the need for clear regulations for digital currencies; and the ongoing legal challenges facing the crypto industry linked to the SEC appealing the Ripple ruling.

The sentiment towards Bitcoin in this context was mixed, with some articles highlighting the potential benefits of regulation, such as opening the floodgates to new investors, while others emphasized the risks and uncertainties associated with regulatory decisions.

Main takeaway

In this context, there's limited knowledge shown by the press on the difference between Bitcoin and other cryptocurrencies. All are viewed through the same lens.

2. Market Performance

Several articles from Bloomberg discussed the performance of Bitcoin and other cryptocurrencies in the market.

The sentiment towards Bitcoin in this context was generally neutral, with articles providing an analysis of Bitcoin's recent price movements and volatility, and discussing the performance of mining stocks.

Main takeaway

The price, along with looking at Bitcoin as if it were a tech stock, is just the preferred mental model from some of these outlets in order to understand Bitcoin at some level, which is understandable.

3. Bitcoin in Relation to Scams and Illegal Activities

A number of articles discussed scams and illegal activities related to Bitcoin. This includes an incident where an older resident was tricked into sending cash to a scammer, the famous Bitfinex hack where the couple behind it will plead guilty to conspiring to launder billions of dollars in Bitcoin , and the use of Bitcoin in ransomware attacks.

The sentiment towards Bitcoin in this context was generally negative, associating Bitcoin with criminal activities.

Main takeaway

Some outlets have made the editorial decision to cover Bitcoin through a negative lens, and they have done it long enough to not budge. These are the usual suspects.

4. Bitcoin in Political Context

Some articles discussed Bitcoin in a political context, particularly in relation to El Salvador's President Nayib Bukele and his governance. The sentiment towards Bitcoin in this context was generally negative, associating Bitcoin with a leader criticized for his authoritarian practices and control of information.

The Guardian called the president of El Salvador a "bitcoin-fanatic millennial" who "has won support by employing an army of online trolls”.

On the same day, The Economist echoed the message in a separate article published the same day, stating that the Salvadorian President has "paid trolls deride his critics" while claiming that "Bukele boasts that he buys Bitcoin (with public money) on his phone, while in the toilet."

Main takeaway

This is another reminder that the adoption and perception of Bitcoin are not just about technology or economics, but are also heavily influenced by the political and social contexts in which it is used.

Since the contemporary press industry has, unfortunately, become a mouthpiece for factions across the entire political spectrum, we will continue to see how media outlets who have picked their political allegiances will stick to their already-established Bitcoin narratives, in a general sense.

Spotlight on Fortune Crypto: Robert F. Kennedy Jr. Advocates for Bitcoin

In an article by Ben Weiss on Fortune Crypto, Robert F. Kennedy Jr., a Democratic candidate for president, has expressed his support for Bitcoin and proposed two policy changes that would favor it.

Kennedy, who Fortune described as “a noted conspiracy theorist and vaccine skeptic”, proposed to "exempt the conversion of Bitcoin to the U.S. dollar from capital gains taxes" and to "back the U.S. dollar with real finite assets, such as gold, silver, platinum, and Bitcoin."

Kennedy's proposals are part of his mission to make America the global hub of cryptocurrency, particularly Bitcoin.

This comes after the revelation that Kennedy's family trust holds between $100,000 and $250,000 in Bitcoin.

Interesting quotes from the article include:

"Speaking virtually during an event hosted by Heal the Divide, a super PAC with ties to far-right Rep. Marjorie Taylor Green and embattled Rep. George Santos, Kennedy said that he both wants to “exempt the conversion of Bitcoin to the U.S. dollar from capital gains taxes” as well as “back the U.S. dollar with real finite assets, such as gold, silver, platinum, and Bitcoin.”

"He said the two policy proposals would be part of his “administration’s mission of making America the global hub of cryptocurrency, particularly Bitcoin.”

Final thought

If you're a flooring company in need of exposure, just announce your decision to include Bitcoin in your balance sheet and you'll get a mention in the Financial Times.