US Presidential Contender Fears Crypto Ban Due To Fed’s CBDC Plans
Bitcoin (BTC) could face the threat of being banned and seized by the US government if plans for a central bank digital currency (CBDC) come to fruition, warns Robert F. Kennedy Jr. on twitter.
Kennedy Jr.’s tweets on the matter surfaced as he filed documents with the US Federal Election Commission to run for office in 2024, with an official announcement expected on April 19 in Boston, Massachusetts.
This begs the question: Will Bitcoin’s rising popularity lead to its downfall?
kennedy jr. warns of CBDC’s potential to lead to ‘financial slavery and political tyranny’
The possible introduction of Federal Reserve’s “FedNow” CBDC in July raised concerns for the Democratic presidential candidate, who sees it as a gateway to “financial slavery and political tyranny.”
kennedy jr. believes that linking CBDC to a digital ID and social credit score could provide the government with unprecedented control over citizens’ financial transactions. Failure to comply with arbitrary regulations may result in frozen assets or spending restrictions with approved suppliers.
Robert F. Kennedy Jr. Image: www.teamkennedy.com
On twitter, he further argues that CBDCs can result in widespread government surveillance of private financial affairs, with individuals facing limitations on where they can send and spend money. Money expiration can also be used as a tool to enforce government policies such as vaccine mandates.
kennedy jr. is concerned that this could pave the way for Bitcoin to suffer a similar fate to gold in 1933, with the threat of prohibition and seizure looming.
The Fed has just announced that it will introduce its “FedNow” central bank digital currency (CBDC) in July. CBDCs grease the slippery slope to financial slavery and political tyranny.
Although cash transactions are anonymous, a #CBDC will allow the government to oversee all of our…
— Robert F. Kennedy Jr (@RobertKennedyJr) April 5, 2023
Bipartisan Opposition to CBDC Rises
Despite the potential benefits touted by CBDC proponents, a growing number of bitcoin proponents and politicians are speaking out against it. kennedy jr. is not alone in its opposition to the CBDC, with many prominent right-wing figures also voicing their concerns.
Republican Senator Ted Cruz even introduced a bill intended to stop the development of a retail CBDC, while Republican Representative Tom Emmer introduced the State CBDC Anti-Surveillance Act in February.
Bitcoin (BTC) losing the $28K handle, market cap now at $540 billion on the daily chart at TradingView.com
Even Florida Republican Governor Ron DeSantis, who is expected to run for president in 2024, has criticized the CBDC, stating that “the purpose of central bank digital currency is to surveil Americans and control the behavior of Americans.”
As politicians and bitcoin advocates from both sides of the political and financial spectrum begin to speak out against the CBDC, it remains to be seen whether the Federal Reserve will move forward with its plans. However, it is clear that the debate around CBDC will only intensify as its introduction approaches.
-Featured Image from AdobeStock / Alexey Novikov