Concerned About US Govt Attack On Bitcoin

US Presidential candidate Robert F. Kennedy Jr. said the government’s plans to issue the central bank digital currency (CBDC) worries him. He reiterated that the CBDCs are designed to be the government’s instruments of power and control, adding that he was concerned about the attacks on Bitcoin and the crypto ecosystem.

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Freedom of Transaction

The presidential candidate said Bitcoin can be a “freedom currency” that is independent of governments. Freedom of transaction is as important as freedom of speech, he commented. Speaking to Bitcoin Magazine, he said the CBDCs will ultimately used as an excuse to abolish cash currencies. He said the CBDCs will be controlled in such a way that people would not be able to spend as they wish as the CBDCs are programmable by the government.

“I am against CBDCs. I think they will become an instrument of power and control.”

In July 2023, Kennedy Jr. made news with the revelation that he bought each of his 7 children 2 Bitcoin each. He is known for advocating cryptocurrencies as tools with potential to bring out the poor out of poverty, while also proposing several regulatory initiatives to encourage the use of Bitcoin.

Threat To US Dollar

Kennedy Jr. said the future of the US Dollar is uncertain in the context of the exponential growth of the BRICS Group. Although the group does not have a reserve currency of their own, the member countries allow transactions to be settled in local currencies, which is a threat to the Dollar’s status as the world reserve currency, the presidential candidate explained.

Earlier, CoinGape reported his comments about plans to back the US dollar with Bitcoin and making Bitcoin profits exempt from capital gains taxes.

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Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1,200 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or twitter.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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