Is Robert F. Kennedy Jr.’s presidential bid good for Bitcoin?
- Robert F. Kennedy Jr. stood for the presidential election in 2024.
- Robert spoke openly about CBDC, gaining attention from the crypto community.
Robert F. Kennedy Jr. recently filed his nomination for president in 2024 as a Democrat and is bullish on cryptocurrency. The filing by the environmental attorney was confirmed on April 5 by John E. Sullivan, Kennedy’s campaign treasurer. This prudent bid is important to the crypto industry, as Kennedy Jr. spoke strongly about CBDC.
Why does Kennedy Jr. feel CBDCs are bad?
It should be noted that the Federal Reserve of the United States has recently announced that the agency may bring its own Digital Bank currency called “FedNow” CBDC in July 2023, and Kennedy Jr. feel this release may lead to ‘financial slavery and political tyranny.’
The Federal Reserve Banks have developed the FedNow service to facilitate instant payment services by financial institutions across the country. The transactions will be independent of their size or geographical location and can be done anytime, anywhere. Many financial institutions are participating in FedNow, which will allow individuals and businesses to send and receive instant payments whenever they want.
Recipients here will have full access to the funds sent immediately; this facility will give them greater flexibility to manage their funds and make some time-sensitive payments. Access to the service will be provided through the Federal Reserve’s FedLine network, with exposure to more than 10,000 financial institutions either directly or through agents.
The 69-year-old environmental lawyer strongly believes that the CBDC can allow the government to keep an eye on all private financial affairs and can try to control where they can spend their own hard-earned money. A further application may even cause the money to expire; this can be used to strictly enforce government policies, such as vaccine mandates.
Kennedy Jr. claimed that the CBDC would be linked to social security points and digital ID of individuals, merchants, suppliers and businesses. The government can freeze assets at any time or limit spending on non-compliant suppliers. Furthermore, he said that this could be the first step to ban and confiscate Bitcoin, as was done with gold by the Treasury in 1933.
Why Is The Crypto Industry Excited About Kennedy Jr.?
Robert F. Kennedy Jr. is a 2024 presidential candidate, and his views on CBDCs and Bitcoin have caught the crypto community’s attention. He has already allayed fears of CBDCs and is believed to be a Bitcoin supporter, and if he enters the Oval Office, it could be good news for the crypto industry.
Kennedy Jr.’s presence in the White House could lead to greater crypto adoption. His views on CBDC are striking as more countries around the world are exploring central bank digital currencies as a tool to combat the banking crisis and an alternative to paper currency.
Robert believes CBDC can be a logical solution to combat a financial crisis. Yet, it can also be abused due to its inherent potential, and individuals may not safeguard their financial privacy and autonomy. However, his pro-crypto stance is yet to be confirmed and the community is hoping for a better scenario for cryptocurrency in the US.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional money exchange systems. She is also fascinated by the blockchain technology and its function.
