Robert F. Kennedy Jr., currently challenging President Joe Biden for the Democratic nomination in the 2024 presidential election, has expressed his thoughts on cryptocurrency via Twitter. Kennedy criticized President Biden for his comments regarding the “safe and sound” U.S. banking system, especially as bank stocks took a hit just a day after. He believes American people deserve more than mere assurances and perception management.
Kennedy also took issue with the Biden administration’s proposed 30% tax on energy used by crypto miners, calling it a “bad idea.” Being an environmental lawyer himself, Kennedy acknowledged the environmental concerns surrounding mining, but argued that these arguments are often exaggerated and utilized as a pretext to suppress threats to elite power structures, such as Bitcoin.
Highlighting cryptocurrency’s appeal beyond just privacy, Kennedy stated that governments oftentimes exercise control over bank accounts and payment platforms to harass their enemies and suppress dissent. He illustrated his point by referring to the 2022 Canadian truckers’ anti-vaccination protest in Ottawa. The Canadian government locked the bank accounts of protesters’ supporters, leading Kennedy to argue that people in America could face similar consequences due to their political beliefs or social media activity.
As further evidence of governmental and corporate intrusion on privacy, Kennedy pointed out that GoFundMe blocked U.S. accounts supporting the Canadian truckers, while Paypal fined users for spreading information they deemed as misinformation. Both decisions were challenged in court, but Kennedy asserted that these private companies often act out of fear of Congress or regulators, thus amplifying governmental control.
It is against this backdrop that Kennedy strongly opposes central bank digital currencies (CBDCs), which he believes would greatly enhance the government’s ability to subdue dissent by simply cutting off access to funds. Although his initial opposition to CBDCs was expressed in a somewhat confused tweet about the FedNow instant payment system, Kennedy’s stance appears to be solidifying.
In conclusion, Robert F. Kennedy Jr.’s foray into the world of cryptocurrencies offers a number of critical viewpoints on the Biden administration’s policies and the potential impact of government control on individual liberties.