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Again the US Democratic presidential candidate Robert F. Kennedy Jr. stirs controversy after he announced backing the USD dollar with Bitcoin.



Delivering a speech at the Heal-the-Divide PAC event, Kennedy said in case of being elected as the president of the United States, he would back the USD Dollar with hard currency such as gold or silver or platinum, or Bitcoin, believing that would help in stabilizing the <a href="https://upyo.com/en/news/tags/united-states-crypto">crypto US economy</a>, according to Cointelegraph.



&#8220;Backing dollars and U.S. debt obligations with hard assets could help restore strength back to the dollar, rein in inflation, and usher in a new era of American financial stability, peace, and prosperity,&#8221; Kennedy noted during the event.



The presidential candidate elaborated that his plan would be gradual and depends on its success, explaining that 1% of issued T-bills would probably be backed by hard currency, gold, silver, platinum, or Bitcoin.



In a sign of his great support for BTC, he pointed out that Bitcoin to US dollar conversions would be exempted from capital gains taxes to lure investment and incentivize ventures to boost their <a href="https://upyo.com/en/news/crypto" target="_blank" rel="noreferrer noopener">crypto</a> investments in the US instead of crypto-friendly countries.



Earlier this month, Kennedy claimed during the Miami BTC conference that he is not a crypto investor, however, he announced he can accept donations in Bitcoin for his presidential campaign. But a financial disclosure report obtained by CNBC found that Kennedy possessed BTC worth $100,001 and $250,000 by the end of June. The record does not indicate who purchased the asset, although the candidate’s campaign acknowledged it was Kennedy Jr.



Kennedy Jr. is the son of former Attorney General and Senator Robert F. Kennedy, as well as the nephew of the 35th President of the US, John F. Kennedy. His support comes at a crucial time for the American crypto industry, with the Securities and Exchange Commission cracking down on crypto businesses in the absence of a proper regulatory framework for digital assets in the United States.

Robert Kennedy Jr

Crypto

US Presidential Candidate Kennedy To Back USD with Bitcoin If Elected

Although <a href="https://upyo.com/en/news/crypto" target="_blank" rel="noreferrer noopener">crypto</a> firms face challenges in the United States, they are still managing to secure investments from venture capital companies.



A recent report by crypto investment firm Galaxy Digital said the US-based crypto startups secured 45% of all venture capital companies that invested in the crypto industry in the second quarter of 2023. Also, the <a href="https://upyo.com/en/news/tags/united-states-crypto">US-based crypto</a> startups accounted for more than 43% of all deals completed.



The UK came in second place with a percentage of 7.7%, followed by Singapore and South Korea with percentages of 5.7% and 5.4%, respectively.



<figure class="wp-block-image size-full is-resized"><img decoding="async" loading="lazy" src="https://adminblog.upyo.io/wp-content/uploads/2023/07/Galaxy-Report.png" alt="" class="wp-image-7884" width="701" height="341" srcset="https://3.111.63.208/wp-content/uploads/2023/07/Galaxy-Report.png 821w, https://3.111.63.208/wp-content/uploads/2023/07/Galaxy-Report-300x146.png 300w, https://3.111.63.208/wp-content/uploads/2023/07/Galaxy-Report-768x374.png 768w" sizes="(max-width: 701px) 100vw, 701px" /></figure>



As for the venture capital investments in the crypto industry, the report pointed out that the VC firms invested $2.32 billion in the crypto and blockchain sector in the second quarter of 2023, the lowest since Q4 2020. The report referred to an ongoing downtrend that began after a peak of $13 billion in Q1 2022. Crypto and blockchain startups raised less money across the last three quarters combined than they did in just Q2 of last year.



Meanwhile, the crypto deals in this period witnessed a slight growth. According to the report, deal activity increased slightly in Q2, with 456 deals completed vs. 439 deals in Q1 2023. The slight gains were driven by an increase in Series A deals to 174 vs. 154 in Q1.



It also mentioned that the companies founded in 2021 and 2022 completed the most venture deals in the second quarter of 2023.



Trading, exchange, investing, and lending startups raised the most venture capital money in the second quarter of 2023 ($473 million, 20% of VC investments). Web3, NFTs, gaming, DAOs, and metaverse startups raised the second most capital at $442 million, representing 19% of all venture capital invested in the second quarter of 2023.

Crypto Investment

US-Based Crypto Startups Secure 45 Percent of VC Investments in Q2 2023

In a surprising development, El Salvador&#8217;s government decided to open a &#8220;Bitcoin Embassy&#8221; in the United States, <a href="https://cointelegraph.com/news/el-salvador-to-open-a-bitcoin-embassy-in-the-united-states" target="_blank" rel="noreferrer noopener">according to Cointelegraph</a>.



Through a new partnership with the government of Texas, US, El Salvador will establish an embassy (a representative office) to work with the US state on new joint projects to bolster Bitcoin adoption.



In this regard, Salvadoran Ambassador to the US Milena Mayorga tweeted that she had met with Deputy Secretary of the Government of Texas Joe Esparza and discussed the opening of the second Embassy Bitcoin and the expansion of commercial and economic exchange projects.



El Salvador&#8217;s move comes a few months after it opened the first Bitcoin Embassy in Switzerland’s southern city of Lugano in October 2022. As of November 2022, El Salvador had purchased 2,381 bitcoin in addition to being one of the world&#8217;s top countries in terms of the number of crypto ATMs as it represents about 54% of all crypto ATMs in South America.



El Salvador surpasses European countries like Switzerland and the United Kingdom in the number of crypto ATMs. Currently, it uses both Bitcoin and the US dollar as legal tender.



Experts said that El Salvador&#8217;s bitcoin embassies would boost cooperation with countries that adopt bitcoin and develop innovative initiatives between them, including establishing alliances.



Moreover, the news comes in conjunction with Texas lawmakers&#8217; consideration of introducing a new bill that aims to expand the blockchain industry in the state to make it the crypto capital of the country by introducing tax-free shopping with Bitcoin, among other proposals.

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El Salvador Opens Bitcoin Embassy in US

Americans&#8217; views on cryptocurrencies have sharply deteriorated after a series of problems, collapses, and bankruptcies in the crypto scene, <a href="https://www.cnbc.com/2022/12/07/just-8percent-of-americans-have-a-positive-view-of-cryptocurrencies-now-cnbc-survey-finds.html" target="_blank" rel="noreferrer noopener">a CNBC All-America Economic survey found</a>.



The survey revealed only 8% of the American public has a positive view toward cryptocurrencies in November, decreasing from 19% in March. While 43% of Americans have a negative view of cryptocurrencies from 25% in March and those who are neutral became 18% from 31% in the same period.



CNBC said that the figures indicate that there is a dramatic fall for an investment that was touted as its asset class, saying: &#8220;That popularity attracted many ordinary Americans to crypto and the survey shows 24% of the public invested in, traded or used cryptocurrency in the past, up from 16% in March.&#8221;



“According to the survey, 42% of crypto investors now have a somewhat or very negative view of the asset, compared to 43% of all adults polled.” The main difference is that 17% of crypto investors are very negative, compared to 47% of non-crypto investors, according to CNBC.



CNBC survey did not determine specific reasons behind the downward trend toward cryptocurrencies between March and November but definitely the recent events, which the crypto scene witnessed played a role, like the collapse of FTX and the bankruptcy of BlockFi.



On the other hand, a Coinbase-sponsored survey released on November 22 and conducted between September 21 and October 27, found that 62% of institutional investors allocated more investments in the crypto industry over the past 12 months.

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