US presidential candidate Kennedy advocates Bitcoin as a safe haven
As cryptocurrencies such as Bitcoin (BTC) continue to gain popularity, some proponents suggest that they may offer an escape route for the public from the dangers of financial bubbles. Among these advocates is Robert Kennedy, a US presidential candidate, who argued that Bitcoin and other cryptocurrencies operate on a decentralized network less vulnerable to market volatility and government policy.
Bitcoin as an escape route for financial bubbles
The world of finance is rapidly evolving with the rise of cryptocurrencies, and the US government, in its misguided approach to the crypto industry, will launch FedNow. A real-time payment system backed by a version of a central bank digital currency (CBDC).
These digital assets have faced criticism from politicians and private entities in the United States. Many argue that CBDCs will allow the government to abuse its power and potentially violate citizens’ privacy.
It is not only “ideal” that major changes in policy receive specific authorization from Congress; it is constitutionally required.
Irresponsible institutions cannot impose a CBDC on Americans. They will tell us that CBDC will not be abused, but we are wise enough to know better.…
— Ron DeSantis (@GovRonDeSantis) 10 April 2023
In this context, Robert Kennedy Jr. advocates using cryptocurrencies such as Bitcoin as an alternative to the traditional financial system. Kennedy suggests that cryptocurrencies offer an escape route for the public when the current “financial bubble” inevitably bursts.
Furthermore, Kennedy outlined his concerns about the Federal Reserve’s (Fed) monetary policy and its relationship with large banks. Kennedy claims that the Fed’s alleged “collusion” with big banks has led to the printing of $10 trillion in wealth over the past 15 years, primarily benefiting the so-called “Banksters” at the expense of the public.
Robert Kennedy’s argument is based on Bitcoin’s potential to provide an escape route for the public from the dangers of financial bubbles. This argument is also based on the idea that cryptocurrencies such as Bitcoin operate outside the traditional financial system and are not subject to the same risks and vulnerabilities.
The traditional financial system is characterized by centralized control and regulation, which can make it vulnerable to factors such as inflation, market volatility and government policy. On the other hand, Bitcoin operates on a decentralized network, which makes it less exposed to these risks.
But while Kennedy sees Bitcoin as a potential hedge against financial instability and a way to protect wealth during economic uncertainty, the US government seems more convinced in its crackdown on the nascent industry.
The US government wants to destroy the crypto industry?
It is becoming clear that the US government’s interest in creating a CBDC is raising concerns about the potential implications for civil liberties and privacy. For Kennedy, the CBDC is seen as the ultimate mechanism for social surveillance and control, with the government having unprecedented access to people’s financial transactions and personal information.
Furthermore, he quotes in the post of the US presidential candidate crypto investor Nick Carter arguments that the White House has organized a coordinated effort to crack down on the nascent industry, using various government agencies to force banks to close their doors to crypto companies. In addition, Carter details 15 incidents where this action has occurred since December 3, 2022.
While Kennedy and other proponents may see cryptocurrencies as a potential solution to the challenges of the traditional financial system, the government’s actions indicate that there are still significant regulatory and legal hurdles to overcome before cryptocurrencies can become a mainstream alternative to the traditional financial system.
Featured image from Unsplash, chart from TradingView.com
