U.S. Presidential Candidate Kennedy Advocates For Bitcoin As A Safe Haven
As cryptocurrencies like Bitcoin (BTC) continue to gain in popularity, some advocates suggest they could offer the public an escape route from the dangers of financial bubbles. Among these defenders is Robert Kennedy, candidate for the presidency of the United States, who argued that Bitcoin and other cryptocurrencies operate on a decentralized network less vulnerable to market volatility and government policies.
Bitcoin as an escape route for financial bubbles
The world of finance is rapidly evolving with the advent of cryptocurrencies, and the US government, in its misguided approach to the cryptocurrency industry, will launch FedNow. A real-time payment system supported by a version of a central bank digital currency (CBDC).
These digital assets have faced criticism from politicians and private entities in the US. Many argue that CBDCs will allow the government to abuse its power and potentially violate citizens’ privacy.
It is not only “ideal” that major changes in policy receive specific authorization from Congress; is constitutionally required.
Irresponsible institutions cannot impose a CBDC on Americans. They will tell us that CBDC will not be abused, but we are wise enough to know better.… https://t.co/OqJ27Lym2L
— Ron DeSantis (@GovRonDeSantis) April 10, 2023
In this context, Robert Kennedy Jr. advocates the use of cryptocurrencies such as Bitcoin as an alternative to the traditional financial system. Kennedy suggests that cryptocurrencies offer an escape route for the public when the current “financial bubble” inevitably bursts.
In addition, Kennedy highlighted his concerns about the monetary policies of the Federal Reserve (Fed) and its relationship with the big banks. Kennedy claims that the Fed’s alleged “collusion” with major banks has led to the printing of $10 trillion in wealth over the past 15 years, which has mostly benefited so-called “bankers” at the expense of the public.
Robert Kennedy’s argument is based on Bitcoin’s potential to provide an escape route for the public from the dangers of financial bubbles. This argument is also based on the idea that cryptocurrencies like Bitcoin operate outside the traditional financial system and are not subject to the same risks and vulnerabilities.
The traditional financial system is characterized by centralized control and regulation, which can make it vulnerable to factors such as inflation, market volatility and government policies. On the other hand, Bitcoin operates on a decentralized network, making it less susceptible to these risks.
However, while Kennedy sees Bitcoin as a potential hedge against financial instability and a way to protect wealth during economic uncertainty, the US government seems more cocky in its crackdown on the infant industry.
Does the US government want to destroy the crypto industry?
It is becoming clear that the US government’s interest in creating a CBDC raises concerns about the potential implications for civil liberties and privacy. For Kennedy, the CBDC is seen as the ultimate mechanism of social surveillance and control, with the government having unprecedented access to people’s financial transactions and personal information.
Also, in the US presidential candidate’s post, he quotes crypto investor Nick Carter arguments that the White House organized a coordinated effort to crack down on the infant industry, using various government agencies to force banks to close their doors to cryptocurrency companies. Furthermore, Carter describes 15 incidents where this crackdown has occurred since December 3, 2022.
While Kennedy and other advocates may see cryptocurrencies as a potential solution to challenges in the traditional financial system, the government’s actions indicate that there are still significant legal and regulatory hurdles to overcome before cryptocurrencies can become a mainstream alternative to the financial system. traditional.
Featured image from Unsplash, chart from TradingView.com