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- The U.S. Presidential candidate Sees Bitcoin as a haven during economic uncertainties.
- The country has subtly declared war against the crypto industry.
Robert F. Kennedy Jr., the U.S. Presidential candidate, openly advocated Bitcoin as a safe haven. Should the crypto industry rejoice? Cryptocurrencies are slowly gaining popularity, and their proponents are looking at them as a shield from the dangers of financial bubbles. Kennedy Jr. argued that Bitcoin and other cryptocurrencies incorporate a decentralized system, making them nearly immune to market volatility and government policies.
Is Bitcoin the Solution to the Ongoing Problems?
World’s financial demography has changed a lot, especially after the rise of cryptocurrencies. In comparison, the world welcomes new financial technology with open arms, but the U.S. is not so welcoming of crypto, as the past few events suggest. The recent attacks on crypto entities operating in the United States created a negative image in the crypto industry.
When the Federal banks are to launch their own CBDC FedNow, as a real-time payment system pegged to the USD. Many argue that this could be a tool that could be used to suppress the financial freedom of the citizens. Imagine having all your finances monitored; there is a limit on where and how much you can spend, and FedNow can also be used to sanction a non-compliant vendor.
Robert F. Kennedy Jr. can be seen as a Bitcoin and cryptocurrency proponent, seeing Bitcoin as an alternative to the traditional financial system. He argues that crypto could provide a safe zone when the financial bubble bursts.
Summarizing the Federal Reserve’s monetary policies and their relations with big banks. Kennedy argues that the Fed’s supposed “collusion” with the country’s big banks made them print almost $10 trillion in the last 15 years. Where primary beneficiaries were the banks, moreover at the expense of the general public.
Speaking of Bitcoin’s potential, Kennedy Jr says it could theoretically be a safe zone or an underground bunker when the financial bubble bursts. The argument can be supported by Bitcoin and other cryptocurrencies operating outside the traditional system making them less vulnerable to the dangers of financial bubbles.
The traditional financial systems are governed by a central authority and regulation, making them vulnerable to market volatility, inflation, and government policies. The decentralized nature of Bitcoin makes them robust against market problems.
In Kennedy’s view, Bitcoin is a potential hedge against financial instability. It could also protect wealth during economic instability; ironically, the U.S. government has opened a war against cryptocurrency.
The U.S. Government & the War Against Cryptocurrency
The recent steps the United States has taken to issue its CBDC, FedNow, have raised more questions than answers. Rumors are that the government can use FedNow as a tool to harm civil liberties and financial privacy. Kennedy felt that CBDCs could be used for social surveillance and control, and the government would have unprecedented access to citizens’ financial transactions and personal information.
Robert F. Kennedy Jr. quoted crypto investor Nick Carter, arguing that the White House is at the helm of a coordinated attack against the crypto industry. Multiple government agencies are trying to force close crypto-friendly banks, sue crypto entities like Coinbase by issuing Wells Notice, and Ripple while trying to prove XRP is a security.
The crypto industry is excited to see a Presidential candidate talking about crypto, and they can now hope for a positive and encouraging ecosystem in the United States for cryptocurrency.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
