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- US President-elect Donald Trump has nominated RFK Jr as HHS Secretary.
- The incoming administration now has pro-Bitcoin leaders heading top government agencies.
The Bitcoin ecosystem has taken a new political shift in the United States following President-elect Donald Trump’s latest nomination. According to reports, Trump nominated Bitcoin proponent Robert F. Kennedy (RFK) Jr. as Secretary of Health and Human Services (HHS).
What Does RFK Jr. Nomination Mean For Crypto
Kennedy’s nomination suggests a possible shift toward a more crypto-friendly regulatory environment. During his election campaign rally, Trump reaffirmed his support for crypto, even pledging to make the US a global crypto hub. As noted in a CNF report shortly after his election, Trump disclosed plans to establish a US strategic Bitcoin Reserve.
Like Donald Trump, RFK Jr has consistently pledged his support for Bitcoin and crypto. He is among US lawmakers advocating for Bitcoin strategic reserve to enhance the stability of the U.S. dollar. He also submitted a proposal to exempt Bitcoin capital gains tax and a financial policy to the US that involves acquiring $619 billion worth of Bitcoin.
Kennedy envisions a future in which Bitcoin is recognized as a decentralized currency that promotes financial autonomy and privacy. He holds large investments in Bitcoin, emphasizing his commitment to the digital asset ecosystem. As CNF mentioned, RFK’s family possesses Bitcoin holdings valued between $100,001 and $250,000 in a brokerage account as of June 30, 2023.
Other prominent crypto advocates on Trump’s team include Vice President-elect JD Vance and Secretary of Defense nominee Pete Hegseth. Their inclusion gives US crypto participants hope for a brighter future in the crypto space. They are optimistic that Trump’s administration will create clear crypto policies to guide the market.
Additionally, tech billionaire Elon Musk and Vivek Ramaswamy will lead the new Department of Government Efficiency (D.O.G.E). This implies a lighthearted approach to governing despite serious economic discussions.
There is also rising speculation that Robinhood’s Chief Legal Officer Dan Gallagher will take over as the next Chairman of the Securities and Exchange Commission (SEC). Many believe Gallagher will steer the agency away from its tough stance on crypto, observed under Gary Gensler’s leadership.
How Bitcoin is Faring and What Next
While Bitcoin is still bullish, the price has lost a substantial amount of its gain, as recorded yesterday. At press time, BTC is trading at $89,127, up slightly by 1.02% in the last 24 hours and 17.47% in the past week. The daily trading volume decreased by 24.8% to $83.6 billion, suggesting investors’ reduced sentiments.
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Market players are now watching key resistance and support levels to see if Bitcoin continues its remarkable rally. The chart shows that Bitcoin has the potential for further growth, with the $100,000 mark as the next psychological barrier. If broken, this level might draw in new customers and raise prices even further.
