Is Robert F. Kennedy Jr.’s Presidential Bid Good for Bitcoin? 

• Robert F. Kennedy Jr. filed for the presidential race in 2024. 
• Robert openly spoke about CBDC, garnering 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 of the environmental lawyer was confirmed on April 5, by John E. Sullivan, Kennedy’s campaign treasurer. This prudential bid is important for the crypto industry, as Kennedy Jr. strongly commented on CBDCs. 

Why Kennedy Jr. feels CBDCs are Bad?

It should be noted that the Federal Reserve of the United States has recently announced that the agency might bring its own Central Bank Digital Currency called  “FedNow” CBDC in July 2023, and Kennedy Jr. feels that this release could lead to ‘financial slavery and political tyranny.’

The Federal Reserve Banks has developed the FedNow service to facilitate instant payment services by financial institutions nationwide. The transactions would be independent of their size or geographical location and could be done any day, any time. Many financial institutions are participating in the FedNow, which would allow individuals and businesses to send and receive instant payment whenever they want. 

Recipients here would have complete access to the funds sent instantaneously; this facility would provide them greater flexibility for managing their funds and making some time-sensitive payments. Access to the service would be provided via the Federal Reserves FedLine network, having exposure with more than 10,000 financial institutions either directly or via agents.

The 69-year-old environmental lawyer strongly believes that CBDCs can allow the government to keep an eye on every private financial affair and could try to control where they can spend their own hard-earned money. A further application could even lead to money expiration; this can be used to strictly enforce government policies, like vaccine mandates. 

Kennedy Jr. argued that the CBDC would be connected to the social security score and digital ID of individuals, merchants, vendors and businesses. The government can freeze assets anytime or limit the spending of vendors who fail to comply with rules. Further, he said that this could be the first step to ban and seize Bitcoin, as it was done with gold by the treasury in 1933.  

Why is the Crypto Industry Excited About Kennedy Jr.?

Robert F. Kennedy Jr. is the presidential candidate for 2024, and his view on CBDCs and Bitcoin has garnered the crypto community’s attention. He has already cleared his fears for CBDCs and is believed to be a Bitcoin proponent, and if he enters the Oval Office, it could be great news for the crypto industry. 

Kennedy Jr.’s presence in the White House could lead to greater crypto adoption. His view on CBDCs is striking as multiple countries worldwide are exploring Central Bank Digital Currencies as a tool to fight the banking crisis and an option to paper currency. 

Robert thinks CBDC might be a logical solution to fight a financial crisis. Still, it can also be misused due to its inherent potential, and individuals might not safeguard their financial privacy and autonomy. However, his pro-crypto stance is yet to be confirmed, and the community hopes for a better scenario for cryptocurrency in the United States. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

Latest posts by Nancy J. Allen (see all)