Democratic presidential candidate Robert Kennedy Jr. came clean in July about his considerable investment in Bitcoin, contradicting his statement made at the Bitcoin Miami Conference in May, where he publicised his support of the digital asset but asserted that he personally had no investment in it. Such a revelation affirms his dedicated support to Bitcoin but also raises eyebrows in a society where the credibility of Bitcoin remains tentative.
In a Twitter space held on the 26th of July, Kennedy confessed about the allotment of two Bitcoins to each of his seven children. While the gesture seems poignant, it hinges closely to the brink of recklessness given the notoriously volatile nature of cryptocurrencies. Bitcoin, at its heart, is a highly unstable commodity constantly juggling between the bullish and bearish extremities. The question arises if it’s then prudent to treat it as an asset reliable enough to establish a long-term investment for your children.
On the flip side, it wouldn’t be just to disregard the merits of Kennedy’s actions. His investment into Bitcoin illuminates a level of trustworthiness in the democratic presidential candidate. He challenged the criticism received from various segments for endorsing a turbulent commodity by demonstrating his conviction in his belief and actually investing in Bitcoin.
Furthermore, Kennedy’s plans of backing the U.S. dollar with Bitcoin and ensuring that the said digital asset remains exempt from capital gains tax if he comes into power, aids in painting a more comprehensive picture. Looking at the plight of smaller investors and enterprises, such a proposal, if materialised, could prove dramatically beneficial. On the other hand, the issue of substantial corporations potentially reaping huge profits from such an arrangement remains to be addressed.
As the value of Bitcoin drastically fluctuates, being placed at $29,327 at the time of Kennedy’s interview, the accumulated worth of Kennedy’s investment amounted around $410,000. If nothing else, this serves as a testament to the fact that the digital currency market holds potential for some colossal earnings. Although, like any other high yield investment opportunity, it also comes riddled with risk and unpredictability.
Kennedy perceives Bitcoin as a vessel of innovation for America; however, the pathway to this destination is steep, strewn with doubts and uncertainties. It remains to be seen if his invested confidence in Bitcoin translates into tangible benefits for his children and the nation as a whole, or if they experience the brute force of crypto’s notorious unpredictability. The tale of Kennedy and his bitcoin investment is a fascinating narrative of trust, risk, and anticipation, waiting to unfold its chapters.
Source: Cointelegraph
