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Bitcoin will be on the spotlight once again as Robert F. Kennedy Jr. chooses a cryptocurrency conference in Miami as the venue for his first public appearance as a US presidential candidate.

The iconaclastic Democrat has shown support for a sector of the economy that many ecologists and other climate change activists hold responsible for a major portion of the problem.

At the conference, one of the most prominent topics of conversation that attendees are anticipating will be Bitcoin.

Before stepping on the stage at the event dubbed as the biggest Bitcoin event in the world, sceptics had already voiced their concerns regarding the cryptocurrency industrys role in contributing to climate change.

In spite of these concerns, Kennedy has been a vocal proponent of the industry, and his attendance at the event is crucial since it provides him with the opportunity to engage in conversation with a sizeable segment of the voting population.

It was a clever move on Kennedys part to agree to deliver a lecture at the Bitcoin 2023 conference because it gives him the opportunity to hobnob with a substantial segment of his supporters, and perhaps new ones.

And, in spite of the fact that many Democrats may not share his views on cryptocurrencies, he might win over the millions of faithful customers of the electorate.

Brandon Green, chief of staff to conference organizer BTC Media, said:

We asked him to speak after hearing his positive comments toward the bitcoin industry.

It is crucial that Kennedy will be present at the conference together with other political figures such as the Republican presidential candidate Vivek Ramaswamy, Senator Cynthia Lummis of Wyoming, Representative Byron Donalds of Florida, former Representative Tulsi Gabbard of Hawaii, and the governor of the Indonesian province of West Java.

Green disclosed that Kennedy will not receive payment for his attendance. In addition, Kennedys publicist, Stefanie Spear, stated that the presidential aspirantwould not accept speaking fees for any events that took place during his candidature for president in 2024.

According to Kennedy, the enterprise surrounding bitcoin is a major innovation engine that has the potential to be utilized in the fight against authoritarian governments.

In addition, he defended Bitcoin on the grounds that it facilitates transactions outside the purview of central authorities. The king of cryptocurrencies, in his words, is a lifesaver for peoples movements around the world.

However, ecologists, who view Bitcoin as a major contributor to the phenomenon of global warming, have taken issue with his perspective. Concerns about the amount of energy used by the cryptocurrency sector have been voiced by a significant number of environmental advocacy groups.

In 2021, the mining of bitcoin alone was responsible for the consumption of more energy than the entirety of Argentina.

Meanwhile,Anthony Scaramucci, a billionaire who is supportive of cryptocurrencies and who served as former President Donald Trumps communications chief for a short period of time, thinks that Kennedys backing of cryptocurrencies may put him closer to the hearts of millions of dedicated users of those cryptocurrencies.

-Featured image from Escape Luxury Hospitality

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World's Biggest Bitcoin Event To Feature US Presidential Candidate As Keynote Speaker - Bitcoinist

Filip Krawanski

Published: 2023-05-07T15:10:08

Updated: 2023-05-07T15:10:17

A flustered user put out a desperate personal plea via Discord to return his $1.5 million in Bitcoin after he sent it to someone with the nickname jaredfromsubway by complete accident.

One holder of Bitcoin made a fatal mistake when transferring funds to another recipient by inputting the wrong address, sending $1.5 million worth of Bitcoin to a wallet of someone going by the pseudonym Jared from Subway.

Upon realizing the mistake the user took to a Discord server, which was not named in the report, and pleaded with Jared to return his cryptocurrency.

Jared from Subway, if you are reading this please help. I sent you by mistake tokens for about $1.5 m. Is there any possibility to get them back? Or my investors would kill me. Please help, Jared! I want to live, wrote the author of the mistake, before providing the details of the transactions.

While the situation went down on an undisclosed Discord server,Twitteruser 0xCuteSocks made it public via their Tweet, breaking the situation down and providing links to the details of the multiple transactions that the user made.

Twitter users in the replies were confused as to how exactly one makes such a fumble with such a high amount of money.

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How do you make multiple accidental transactions to the wrong address? Like you should check after the first one, wrote one user.

Imagine not making a test transaction before sending $1.5mil, wrote another, equally baffled person.

The Discord user camper who made the initial mistake has reportedly gotten through to JaredfromSubway and has had almost all of the money returned to them, with Jared keeping around $50,000 for themselves.

This crypto horror story luckily had a happy ending, but not every story related to stolen crypto ends on such a note. In late March 2023, $8.9 million in crypto were stolen in the Safemoon hack, dragging Jake Paul back into the spotlight for all the wrong reasons.

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User accidentally sends $1.5 million in Bitcoin to Jared from Subway - Dexerto

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Charles Edwards, Capriole Fund founder and Bitcoin analyst, foresees a major catalyst that might boost Bitcoin's price in 2023. The year 2022 was a rough one for cryptocurrencies, marked by falling prices after the Fed introduced restrictive monetary policies by hiking interest rates.

Most recently, the Federal Reserve moved to increase its benchmark interest rate by 25 basis points on Wednesday, which caused a drop in cryptocurrency prices. The Fed has now implemented a steady barrage of 10 straight interest rate increases since March 2022 to temper an overheating economy and control skyrocketing prices.

Edwards, in a new tweet, expressed the possibility of rates not going higher because the system was on the verge of breaking.

He tweeted, "The only way the Fed can compete with Bitcoin is higher rates. But rates can't go any higher because the system is breaking. The unwind will be relentless."

The idea that the Fed would suspend rate hikes soon or possibly decrease interest rates later in the year has contributed to Bitcoin's over 70% year-to-date gains.

This is so because traders tend to steer clear of "risky" investments like cryptocurrencies when they anticipate the U.S. central bank maintaining its hawkish monetary policy to contain inflation.

In the past week, Bitcoin mounted another attempt to surpass the closely watched $30,000 level, but bulls did not succeed.

Bitcoin's (BTC) price fell to lows of around $28,394 on May 6 and remains down 1.42% in the last 24 hours to $28,880.

According to Glassnode's most recent weekly report, the market has firmly recovered from the historical bottom discovery phase of the 2022 bear.

Selling pressure from new investors is now a key driving force that established resistance at $30,000. Should this present correction continue, the cost basis of the young supply holders at $24,400 may well be a psychological level to watch in the weeks ahead, Glassnode stated.

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Bitcoin: Here's What Might Push BTC Price Higher, Analyst Says - U.Today

The crypto industry in the United States has been negatively affected by regulatory uncertainty and scrutiny. This has been a major barrier to its growth. Despite the industrys efforts to establish itself, certain digital assets are still unsure about their regulatory status. Currently, assets like Bitcoin [BTC] and Ethereum [ETH] have been dragged between the Securities and Exchange Commission [SEC] as well as the Commodity Futures Trading Commission [CFTC]. Amidst this power struggle, investors have been seeking alternative investment options.

In a recent report, JPMorgan analysts pointed out how institutional interest was moving to gold. The regulatory crackdown has discouraged institutional investors from engaging with the crypto industry. As a result, investors are opting to buy gold instead of Bitcoin as a hedge. This is against a potential catastrophic scenario in the event of the descent of Silicon Valley Bank.

The report suggested that regulatory uncertainty has caused people to lose confidence in the digital asset industry and seek safer investment options.

JPMorgans research report highlighted that Bitcoins rally in 2023, has been largely fueled by retail buying rather than institutional investors. The report suggested that due to the regulatory crackdown and uncertainty in the industry, institutional investors have been dubious to invest in the sector. Despite this, Bitcoin has still managed to gain 76% year-to-date. Gold, on the other hand, hit a new all-time high.

Several U.S.-based crypto firms are currently under immense scrutiny. Ripple, Coinbase and now Binance have been facing the heat of regulators in the region. Amidst this, several have decided to veer out of the region. Elaborating on the same, the JPMorgan report said,

The U.S.-based arm of Binance has called off its deal with Voyager, while Coinbase launched Coinbase International, a crypto derivatives exchange outside the U.S., as a proactive measure in response to rising U.S. regulatory pressures.

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Gold Over Bitcoin? This Could Be the Case Amidst U.S. Regulatory ... - Watcher Guru

Increasing regulatory pressures, tax burden and energy costs in countries like the U.S. and Kazakhstan are likely to result in a new great migration of crypto miners, Russian analysts believe. Under such a scenario, Russia has what it takes to occupy up to 18% of the global bitcoin hashrate, they claim.

The Russian Federation has a chance to increase its leadership in the field of crypto mining, against the backdrop of negative developments for the industry elsewhere. According to specialists from Intelion Data Systems, a major Russian importer and distributor of mining hardware, the countrys share in the Bitcoin hashrate can potentially reach 18%.

As of January 2022, Russia accounted for nearly 4.7% of the global hashrate, according to calculations by the Cambridge Center for Alternative Finance, ranking fifth among major mining destinations. However, the toughening of policies towards the sector in the leading countries can spark another major migration of miners, similar to the one that followed Chinas crackdown on the sector in 2021.

New restrictions on access to low-cost energy amid rising electricity rates and the introduction of higher taxes may entail the relocation to Russia of up to 6% of the mining capacities of the United States, Canada, and China as well as about half of the miners from Kazakhstan, the Intelion team projected, quoted by the crypto page of the Russian business news portal RBC.

In this case, Russias share in the global Bitcoin hashrate could rise to 18%, which will amount to 3.95 GW of electricity consumption with an average cost of 128 billion rubles (almost $1.7 billion). In April, the leading Russian mining operator, Bitriver, estimated that Russia has already climbed to second place in terms of total power capacity of the facilities engaged in the extraction of digital currencies. Timofey Semyonov, CEO of Intelion Data Systems, commented:

Russia has every opportunity to change the existing hierarchy of the global crypto mining market. The country has everything you need for this: low cost of electricity, reserves of free capacities, developed energy infrastructure in many regions.

Semyonov also highlighted the increased efforts of a number of Russian companies to expand their business as well as government support for the industry. While lawmakers are yet to adopt the long-awaited mining legislation, official statements in Moscow have indicated that Russian authorities intend to utilize what President Putin described as Russias competitive advantages as a mining hotspot.

To create a favorable investment climate, mining in Russia must become a legal business activity with clear rules of the game, the experts from Intelion also said. They think that the crisis in the banking sector in the U.S. and Europe, which is just beginning, will be leading to a growing demand for bitcoin as a hedging tool and interest in crypto among traditional financial institutions which should result in increasing global mining volumes.

Do you agree that Russia has the potential to become a leading crypto-mining destination? Tell us in the comments section below.

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchenss quote: Being a writer is what I am, rather than what I do. Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Russia May Take Up 18% of Bitcoin Hashrate in Next Big Migration ... - Bitcoin News